To: Bill Harmond who wrote (58755 ) 5/26/1999 8:14:00 PM From: Tradegod Read Replies (1) | Respond to of 164685
Here's a confession: After dabbling some long positions very short term on the thing the last few days trying to fish for a bottom with some tight stops, I was clean this morning when the panic sell hit. Then, as the bottom was forming I received a call at my office from my mom!, who proceded to gab on and on about our upcoming Memorial weekend visit. I had my order screen ready but before I could focus, it had moved up 6 points! Finally, I ended the call and stared at the screen in disbelief and anger. (sorry Mom!) Couldn't bring myself to pull the trigger after that. Traded some second tiers for a modest profit but the sting of missing it hurt. Now what: I tend to agree with you William on the uncertainty. Remember, just a few days ago, we sank to 120 and rallied 17 to close at 137. Today's move was fascinating, in that it appeared to be led by YHOO of all stocks, which had been the most flaccid over this long decline. It was the first to rebound, go positive, and show above a 5 point gain. Also was this primarily an oversold market rally? I mean the DOW shot up 100 points in 15 minutes during this morning's rally. For the first time in a while, the inets were in step with the rest of the market. Here's the guess for tomorrow: Gap up to 125 at the open, trade to about 127, and then pull back to 122-3. All within the first 20 minutes. Then it's decision time. I may still be sitting on my hands cursing yesterday's phonecall! (VBG) Of course the great unknown is if Siegfried and Jeff pull a rabbitt out with some PR tomorrow, or if the analysts come out of their bunker and start pounding the table. (Very likely) In that case, we could gap ten and never look back.