FW: friday equity report 
 -----Original Message-----
From: 	Gerry, Robert  
Sent:	Friday, January 18, 2002 1:02 PM
To:	Herndon, Rogers; Schneider, Bryce
Subject:	friday equity report


Johnson and Johnson (JNJ) will come out with earnings on Tuesday.

JNJ is currently trading high in its 30 day trading range. 
The 30 day high is 60.18. 
The 30 day low is 56.23.
JNJ with two hours to close of market is now at 59.85. 

JNJ has trended up and in the opposite direction of the Dow in the recent market selloff as investors have moved to safety.

I look for JNJ to swing down from here in its tight 30 day range.

I look to short JNJ now and cover a little under 59.

JNJ is not volatile.
This is a mediocre trade at best and only good for 1 to 1.5 points.
If JNJ continues rallying I look to continue shorting and wait for the 2 to 3 point downswing that will follow.

Yesterday's recommendation of a short MSFT position was a much stronger idea.
But this is Friday's report.


-----------------------------------------------------------------------------------------

Harley Davidson (HDI) released strong earnings last night. 

The stock rallied to as high as 55.50 (up 1.20) and has since retrenched to 54 (down 0.30).

Harley is a strong short candidate at any point over 55.
It trades down from there into its 30 day range.


