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Technology Stocks : Zenith - One and Only

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To: Chuck Williams who wrote (338)	6/1/1996 1:13:00 PM
From: Mr. Aloha	of 6570

That's a very valid point, I should have mentioned the short sellers! SOME of those calls are probably used as protection for the short sellers. Looking at Zenith's past 30 day movement, I don't think MUCH of the last two day call volume is being used my shorters. I wouldn't short ZE at $14-15 and spend the money on calls, I would put in a limit buy order and eat a few points. Zenith has been trading in a narrow range recently and calls or puts are aggressive purchases. I would say that a strong majority of the calls are bought by those feeling that Zenith is going higher and the sellers want the premiums. Now when ZE hit $20-22, I bet 80% of the call volume was used to protect their short positions. I believe henry did this. Looking back the other day when ZE made the little push to 16. I wonder how much of the last 30 minute volume was shorts covering, believing that ZE was going to open at $17 and run higher. What's good news is the 4+ million of short positions out now. The average short holdings is approx. 1.5 million. If we can get the short position to 10+ million that would be great! Have a good weekend! Aloha

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