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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Catalfo who wrote (59074)	1/13/1999 4:36:00 PM
From: Mark Duper	Read Replies (1) \| Respond to of 61433

On Being Ready By James J. Cramer 1/13/99 4:02 PM ET The take away from days like today is that you have to have some cash. We had a 5% decline in Nasdaq this morning that was just too juicy to resist. But if you were fully invested, you couldn't take advantage of this volatility. As long as the jarring events are from outside our borders, you are going to get these crazy openings. The reason why you need cash is because of the commodization of the stock market. Case in point: I was offered all of the Intel (INTC:Nasdaq) I wanted this morning at $131. This is not some Internet play. This is not some fly-by-night outfit. This is Intel, one of the greatest companies in the world, which literally less than 24 hours before had reported a dyn-o-mite quarter. Not a lot of stock risk there and Brazil just isn't that important to Intel. Or take Ascend (ASND:Nasdaq). Here you have a shocking bid, an $89 bid, much higher than people were looking for, and yet still accretive on '99 earnings, and I got guys throwing stock at me at $72. Give me a break; someone give those guys some diapers. Finally, I saw people capitulate in a host of January calls that were three or four points away from being in the money, only to have those same calls be at the money just a few hours later. You gotta be ready when they are giving things away. You gotta.