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Contrarian thinking has become dangerous in situations like this. Besides,
fundamentals have zero significance in daytrading and position trading. And
even in terms of long-term thinking, just to name one example among many in
the past 6 months, Boston Chicken (BOST) looked like a great deal at 13
after its fall from 42, right?
-----Original Message-----
From: GTE/3264 <3264a@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, October 02, 1998 9:24 AM
Subject: IMC Mortgage
>You might want to check out IMCC, a mortgage company writing residential
>loans.
>
>Stock is very sound but has be hit hard in sympathy with other stocks in
>the industry group. IMCC has also be the subject of massive short
>selling. The Travelers Group is a significant investor, having just
>pumped $50 million into the company a couple months ago.
>
>I have spoken to investor relations at length and am convinced things
>are going OK there. Possible buyback in the works as well.
>
>At current prices ( 1 5/8), the PE is 0.98! They are in line to hit
>earnings next quarter and I can't find anything wrong with the company.
>
>I'm long and plan to hold for a couple weeks.
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