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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (9337)	10/6/1998 9:19:00 PM
From: James Wright	Read Replies (1) \| Respond to of 29382

A couple of weeks ago I suggested EGRP (the discount broker E-Trade) as a short when it was trading around 19. It has been on a steady decline ever since, and over the last two days the down trend has been accelerating on growing volume. It now is just under 16 and I covered at my target price of 15 5/8 (its prior low). If it now breaks below 15, I believe it will go keep going to below 10 fairly quickly and I will short it again. You all may want to take a look. From a fundamental standpoint, the company is expected to see shrinking earnings and a loss next year. Also, it launched a huge marketing campaign to sign up new online investors during the current market, which likely will be a huge flop and financial fiasco because very few people have much desire to be in the market right now. E-Trade's bad timing likely will insure that it will continue to drop. BTW, remember AMFM? I shorted at 26, it went above 30 on news of insider buying, and I then covered at a loss. It eventually went to near 40, but now is back to 26. I tried to get in on the latest drop, but couldn't catch it. What a market! Things are moving down so fast they are hard to short on the required up tick. Same with LU -- I tried to get in when it broke below support at 70 last week, and it now is around 55. I hate it when the big ones get away. -- Jim