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Well, Earl's the resident price picker on CSCO, having been
the first person I've interacted with who told us here that CSCO would
potentially trade to $18 on a 162% extension of some e-wave/fibo pattern,
when CSCO broke the 50-70 trading range and then broke the 30-44 trading
range.
So, I'd defer to his skills - I sense this $8 handle would not
be beyond the realm since stocks can only go down to zero even if they can go up
to the sky.
Meantime, sooner or later a time will come when one
starts viewing these as long dated non-expiry calls with a strike
price at the breakeven on cost of production, like we do for mining companies,
oil extraction companies etc.
Don't tell that to the holders of Lucent,
though....
The market is an anticipatory mechanism, I'll wait for it to
anticipate.
After all, did it really matter to the bulls where one bought
in 1996-98 as long as one was long on Jan 1, 1999 - and exited somewhere in the
1st qtr of 2000?
Trends, sometimes, beat the heck out of the wildest
expectations.
Currently, the trend is firmly down.
And I have no shame in admitting that I don't know the
future...
Gitanshu
<BLOCKQUOTE dir=ltr
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
<FONT
size=2><FONT
size=2>Now do you have a point where it will be a good
buy? At 20 times past earnings I have $8.20. Can that be true? Ira
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