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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Zeev Hed who wrote (15959)11/11/1999 4:49:00 PM
From: I. N. Vester  Read Replies (2) of 27311
 
I would love to see more shorts. But when
you see such deliberate selling in such a
way to keep the price depressed even on this
excellent news, and you know large blocks
have been traded between the MM for CC and
the MM for the others who have been supressing
the ask and clobbering the bid, it's not hard
to put 2+2 together.

CC alone had no reason whatsoever to suppress
the price, but they are the only big motivated
sellers. Indeed they should love to play a yo-yo
if they could and at least let the price run before
selling today. They still could get a $5 conversion
no matter what happened to the price today. But
they were still dumping shares at the ask and reloading
all day today. It's long been clear to them that
they won't get a death spiral. they converted at
4.5. and with today's news they can't expect to
do that again.

The only that makes any sense is if their interest
coincides with the naked shorts. It's all one big
position and they are getting out of it together.

We've been watching the tape and seeing this happen
before today. The amount of distortion this
activity puts on the market price of this thin stock
should not be underestimated. It's rather incredible.

The long awaited short squeeze will not take place,
imho. It's a shame all the shorts will get away.
But that will all be history soon and we will get
the same rise we would have gotten from the short
squeeze. It will take place a little more slowly,
but I've got plenty of time.
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