International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: C L who wrote (4324)	3/18/1997 4:42:00 PM
From: J.L.	of 35569

CL and all: Hmm, that could be almost 10% of the float not even taking into account the number of shares in "strong hands". A few more random thoughts and ruminations on our "friends" the shorts. I have been studying my chart of this little doozie of a stock. As far as I know there is know way for us to know (now) exactly how many shares are shorted and where they in fact started. By looking at my onbalance volume indicator (those of you out there with input help me out) I believe that the shorting started in earnest on March 5th . Three days after the initial breakout from the previous high of 5 7/8 or 6. On the breakout day (Friday 2/28) we closed close to the daily high, same for Tuesday 3/4, which incidentally is the peak of the onbalance volume indicator. On Wednesday 3/5 it appears (to me) that the shorting started and the stock closed lower than the high of the previous day (with onbalance volume spiking down). Since shorting can only be done on an uptick, we have to assume that there was massive shorting into the rallies of 3/5 and 3/6 and any subsequent attempts to rally on 3/7 and 3/10. All of the above tells me that the majority of the shorting was done between $11 and $14 « and possibly all the way down to $8 if they were real piggish. I didn't bother to add the total volume for the four days that we were above $10 but lets say it was in the 4-5 mil share range. All of this indicates to me that we should be in for some fun once the shorts decide to cash in their chips. If they have been shorting today the wait may be prolonged a bit but not by long. Remember that we have closed at or above $10 only 3 days ( March 4,5 & 6th). Anyone who was able to trade this one and buy back at a lower price gets a tip of the hat. The shorts are going to have to be equally as adept to make a profitable trade on this one. Now lets see what a real short covering rally looks like. Best Regards (to all who are long) Jeff Lund

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