|
PureBytes Links
Trading Reference Links
|
"Does anyone know if there was a full moon last night?"
Bill,
Are you referring to Harley "baring it all"?
Steve Karnish
CCT
----------
From: Bill Saxon <bsaxon@xxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx
Subject: Re: NWAC, KEA and AMAT
Date: Friday, November 06, 1998 4:36 AM
Does anyone know if there was a full moon last night?
-----Original Message-----
From: Rick Mortellra <rmjapan@xxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Friday, November 06, 1998 12:10 AM
Subject: Re: NWAC, KEA and AMAT
Harley, this slapping ya in the face but I'm not sure why you post
anything at all. Therapy perhaps? If so, then it's time for some tough love
my friend.
Obviously, since you've "been here before" you haven't or don't want to
learn from your mistakes. Certainly if we went down the list of the most
common trading guideline "cliches" found in the appendix of every trading
book published you'd be in violation of them all. Frankly, the only thing
anyone can take away from these posts is that you are a LOSER!
You offer no plan or strategy to deal with this setback other than to
hope "we get a correction." You can't tell us why the trades went bad or
even admit that you were wrong. In fact, you want to short more! This
during one of the biggest up months in market history. Talk about hubris!
You claim to know NWACs business because you live in Minneapolis? What
arrogance!
You've said you got a degree in math but its obvious math plays no part
in your trading. Unless you control your downside risk you'll never win
over the long haul. So with NWAC the best you could do IF the stock went
zero was $960. (Yeah right, like one of the giants of its industry becomes
worthless.) Yet you've endured a $360 or 38% plunge down a bottomless pit.
Or AMAT, the undisputed leader of its industry and where you've taken an
astounding $2300 or 35% whipping. What's even more amazing is that I'm
willing to wager that this 1 position has become almost 50% of your trading
account, or what's left of it. Are you dumb or just desperate?
Finally, you end by telling us that the market action has changed for
the better and "screwed up your thinking." The only thing that is screwed
up is that you've continued to stay WRONG for a month while pissin off
probably 20% of your equity! I suggest for the well-being of your family
that snap out of this stupor and GET OUT OF THE MARKET! Your personality is
not suited for active trading and it will end up costing you a lot more
than a shrink while you "discover" yourself. Stick with it, and I'll
guaranty you'll be cleaning full-time for a living.
-----Original Message-----
From: Harley Meyer <meyer@xxxxxxxxxxx>
To: Metastock list <metastock-list@xxxxxxxxxxxxx>
Date: Friday, November 06, 1998 10:22 AM
Subject: NWAC, KEA and AMAT
Well it has been awhile since I have addressed my trades. Seems
like I have dug myself a hole. Since I have been sitting on these trades
with some pretty good draw down. I have to sit and wait because I have zero
buying power. I have been here before and I still don't like it. It isn't
very productive. (Well I have done some much needed cleaning around here.)
But that doesn't count.
I covered 100 shares of NWAC for a small gain. I still am short 50
shares at 19 3/16. Currently the stock trades around 26. My fundamental
outlook on this stock has not changed. I live in Minneapolis and they are
giving more and more money in these contract negotiations. Plus to attract
passengers they are giving up to much money. If I had money I would have
taken another position short at the $27 level.
KEA - I am still short 100 shares at 30 1/2. I could of covered
around 30 about a week ago, but decided to take a chance that it was going
to move lower. It is now around 37. Could break to $40. It does move with
the markets and I will say that if we can get a correction I should be able
to get out with out to much of a loss.
AMAT - Has also moved higher and is now around 35. I am short 250
shares at 3 different locations. 50 @ 19 1/2, 100 @ 25 5/8 and 100 @ 29
3/8. As of the last few days the stock has been trying to come down. But
the market just keeps moving higher. Then so does AMAT. My out look on AMAT
has changed since they have finished their restructuring. It will help
their bottom line but it is unclear what demand for their equipment will be
in 1999. My guess is not that much demand.
Overall out look: My out look for the over all market is much more
positive than what it was 1 month ago. Even if the economy slows down, the
fed will use easing as a means to combat a slowing economy. Hence large cap
stocks prices will still stay buoyed up. I will say that Greenspan's
surprise rate cut has screwed my thinking up. The landscape changed to much
and became unfamiliar.
Harley
|