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Gold/Mining/Energy : Napier International Technologies Inc. (T.NIR)
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To: Ginco who wrote (645)6/26/1998 3:49:00 PM
From: David in Ontario   of 2444
 
Gino - shorts may be buying big time to reduce potential losses

I suspect that the shorts have thrown in the towel and are buying big time. With the third quarter financial statement due on SEDAR next Tuesday (30 June), and with the 'big News' just around the corner as we've ben told for a while now - I suspect that the News may be released next week. Tuesday would be a good day - trading halt in the AM - News release during the day - Wednesday is a holiday so time to absord it's impact - Thursday - NIR released for trading and BOOM - institutions fire up with their bidding war and buying frenzy once NIR passes $5.00 - when it is then no longer technically a penny stock.

I presume that the shorts have decided that it's just getting too close to the wire now. Their potential lossess are unlimited - which is the huge danger of taking a short position. I suspect that they are buying big time now - at whatever they can get NIR for in the market. Some shorts may have a small profit (+$3 guys) but the sub $2.50 guys are buying at a loss. Better to do it now, absord the loss - rather than to get obliterated within the next few trading days - if they retain their short position. If I were shorting I would buy as much as was necessary today to cover what I borrowed from my broker. Monday's short numbers on Stockwatch for NIR will tell a very interesting tale I suspect. You may see that 280,000 share position on the short side reduced substantially (well that's what it was a day or two ago)

Just my take,

David in Ontario :-)
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