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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Gary D who wrote (3145)	2/2/1999 4:24:00 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 15132

Gary: I just covered my TER and AMAT shorts and am taking it to the bank. I want to thank Sue Billat of Bank Boston Robertson Stephens for 3 1/2 AMAT and 5 points TER to the downside. I only wish she had more upgrade in her but she is at "strong buy" so I don't think she can go to "super strong buy." She did a good job calling the bottom in October but this last upgrade was a joke. I understand why you might feel uncomfortable in a short position in these stocks. After all, in going short these stocks you are fighting big mo and one must be careful. But when the market was going on to new highs on Friday on the S & P and NASDAQ and Billat throws gasoline on a fire through an upgrade of these stocks, the short was so appealing in light of the chumps paying top dollar for these puppies. Once AMAT breaks resistance ($60 this time) and goes into a new trading range, she will at least go back a few times to test the launching pad ($58) and especially on a worthless upgrade which acknowledged the obvious in the face of a split announcement by INTC which also acknowledged the obvious. I liked the TER short because the good news was already in the stock on the earnings announcement which took it to $64. Well, Billat took her to $66 on the upgrade after being in the mid 50s for some back and fill. There was no reason for the stock to exceed old highs on the upgrade which stated the obvious -- that TER had a good backlog showing going forward. Also, TER is in Billat's backyard (Boston) and I felt she had a few more chumps than usual going into that stock on her recommendation. I covered today because of the following: (1) CSCO earnings; (2) Montgomery Tech. Conference could cause some more upgrades or cell phone buys upon presentation; (3) market strength at the close off the intraday lows in these stocks; (4) no need to be a hero when the money flow is going against you even though I may have left money on the table.