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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (12552)6/30/1999 1:33:00 PM
From: FMK  Read Replies (1) of 27311
 
Thanks Rich for some great posts! Especially this one we should all save for reference whenever the shorts mention "floorless convertible" or "floorless bandits" again: exchange2000.com

I enjoyed some posts a while back cautioning a poster to be careful when riding in his floorless convertible because he could fall through if he hit a pothole and might then be robbed by floorless bandits on the information superhighway!

It appears the shorts are making maximum effort lately. I too have noticed REDI's pattern. Some feel they and NITE may also have been liquidating a large position. In that case, it should be a finite number of shares and we will see the end of it. If you believe in Valence, it makes for terrific buying opportunities at current levels.

REDI has been showing 500 shares on the offer at 6 27/32 for the last 15 minutes. Several times that number of shares have traded there, but their offer remains. In other words, they don't have to show their total size. Experts, please let me know if I have this right- If they show less than 1000 shares, many large buyers will hesitate to place a market order because they can't be sure they can get more than 500 shares at that price. If a buyer places a large limit order at their price, REDI might give them only 500 shares and move away. The bid then becomes 6 27/32 and the uptick qualifies them to short more.
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