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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: LastShadow who wrote (14839)	5/26/1999 9:31:00 PM
From: Jay Lyons	Respond to of 43080

PFE This looks to me to be an incredible gap play manana, either long or short. It's just hanging in mid-air at 101. No real resistance ahead of it until the low teens, nothing below it 'till mid eighties. It looks like it did a double bottom at 101 today, but I kind of think it was saved by the bell, not resistance. I know a lot of people are heralding the second (or third or forth) coming of the nets after today, but bear in mind that the DOT and most of the stocks we love took out their April lows interday. Could be a false break, but unless we take out the highs of two weeks ago, then we're in the old lower lows, lower highs game. Don't overlook the fact that even if we took out 50% from the DOTS high, we'd still only be back to where we were 5 months ago. If you buy into what you think is the bottom (and today may have been the day, I'm not saying we might not be out of the woods here), keep a tight stop, and don't bank on supports. I'm holding PCLN and C overnight (only buys today), and will sell at the first sign of weakness in the A.M. Jay P.S. Can someone explain to me how Barnes and Noble can spin off a relatively small part of their operation, and now the part is worth more than the whole was?