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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Peter V who wrote (2460)	9/8/1998 7:11:00 PM
From: Steve Smith	Read Replies (2) \| Respond to of 4634

Peter, I tend to change my mind because I'm a trader and like to cut my losses if a trade goes against me or the trend changes. I view the high of 8/20/98 of 25 7/16 to be significant, because the stock had dropped from 36 to 17 1/4 in a matter of 3 days and had a brief short covering rally that was stalled at 25 7/16 on 8/20/98. The stock then slowly faded downward to the low 21s. The reversal occured last week when stock went from 21s to 19 and back up to 21. I had assumed that it was mainly from shorts covering. However, ENVY remained strong last week even though volume was very low. And today, I had guessed incorrectly that ENVY couldn't go any further beyond 25 7/16. I was wrong. Therefore, those are my opinions only. ENVY could very well drop to single digits tomorrow. However, my objective is to preserve my capital. I dislike it when a short position goes against me. steve