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sgolds

12/06/03 11:48 AM

#19775 RE: HailMary #19743

HailMary, I'm going to study the charts more and make a better post this weekend. That should answer your question better. We are getting near some support points so this should be considered before selling in the hopes of buying cheaper.

It is not my style to buy when a support point is reached, only after the support is tested successfully. Thus, I'll take a look at the whole series of support points and take a new long position (options or shares) when support is successful.

My only position right now is long Dec 18 calls, which are in danger. However, I protected my profits from the main part of the runup, and December is historically a bullish month for the market so I may yet see a profit on these calls.* I find it very hard to call a top in a stock like this - that is, one in which the business so fundamentally changed since it last was at these levels. So my strategy has been one of taking profits in pieces knowing full well that it would be likely that I take a small loss on the last piece when the top is put in.

*Actually, the steeper the technical decline to support, the more likely there is enough time in the next two weeks for the price to rise above 18. I am hoping for a V bottom. Just as long as there are no nasty surprises along the way.