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Pastimes : Daytrading and Stock Trading Addiction -- Ignore unavailable to you. Want to Upgrade?

To: Forest Gump who wrote (204)	1/16/1999 9:36:00 AM
From: Don Pueblo	Read Replies (1) \| Respond to of 330

Here's another one, true story: You may recall the COOL IPO last year. OK, this dude that was sitting down the road from me knows that WCAP owns a bunch of COOL. The day before the IPO, he loads up on WCAP, 10,000 shares, and he doesn't tell anyone. I wasn't aware of the WCAP/COOL connection, I don't play IPOs. So the morning comes, and he announces right before COOL opens that he has 10,000 shares at 8. We are in awe. This dude is going to clean the house if COOL is hot. The guy KNOWS that WCAP is going to 14 bucks. He sits there and guarantees that WCAP is going to 14 bucks. He says he will be out at 14. I pull up WCAP and wait for the COOL open, and it opens hot, I buy like 1000 WCAP at like 10 bucks and about 10 minutes later I'm out at 12 1/8. Another guy that is watching buys about 5,000 at around 10 and gets out at 13 bucks, right as WCAP tops out. I remember this part real well, because WCAP topped out at 13 1/8. Perfect trade. The guy with 10,000 shares is up like $50,000 on the trade at that point. I'd sold at 12 1/8, so I just stood behind this guy and watched to see what he was going to do. He didn't do anything! He KNEW it was going to 14. Everybody in the shop was screaming at him "SELL!" "SELL!" I was screaming "SELL HALF!" SELL 5,000!" "SELL 2,000!" "SELL SOME!" He didn't sell one single share. All day. The next day, or maybe the day after, he sold the stock at 3 bucks. He's gone now.