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Technology Stocks : Thermo Tech Technologies (TTRIF)
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To: DDS-OMS who wrote (27)8/8/1996 1:37:00 PM
From: DDS-OMS   of 6467
 
Wayne U. I'm responding to your E-mail query on this thread because I think it will be of interest to all. NASDAQ restricts an otc stock when short pos. reaches a certain level (usually 10%) of the co's outstanding stock, so in TTRIF's case about 1.5 million shares are shorted. The restriction is applied under Section 71 of the Uniform Practices Code wherein it ""establishes a list of "restricted" NASADAQ securities such that any subsequent short sale in that restricted security is subject to a mandatory close-out after a specified period of time. This restriction is calculated on a percentage where the ratio of short securities represent a significant number of shares relative to the company's total shares outstanding. The purpose of this mandatory close-out is aimed at eliminating non-exempt "naked" short selling in NASDAQ securities.""

Read non-exempt to mean any one other than market makers.

Wayne, in general a high short position is felt to be bullish for a stock as it represents future buying. /Sooner or later stock will have to be bought to close out these short positions, and also with a large amount of shorts, the possibility of a short squeeze is good--which can drive the price up a lot very rapidly. That may have happened on Feb 2 when the price ran from 2.25 to 3.31, on to a high of 3.75 over next few days.

I personally think we've seen the lows, but waiting till a close above 1.625 would probably be prudent.

BTW there are at least 14 MM in TTRIF, so concerted manipulation would be less likely.

gary
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