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Technology Stocks : Cadence Design Systems
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To: dr_elis who wrote (588)11/16/1999 11:56:00 PM
From: XBrit  Read Replies (1) of 668
 
Institutional start-of-year buying and short squeeze

I think we had some institutional buying following the end of (many funds) financial year on Oct 31... institutions thinking CDN is a good buy but not wanting to be seen holding it at the end of their 99 (because it was a dog for 10/98-10/99).

And apparently the buying was just enough to set off a short squeeze. The run from 17 3/4 upwards was almost all short covering, my guess. There were about 8 million shares short around then, I read somewhere, so even if only 20% of them covered, that would do it. That's why there's been no follow-through.

All IMO, of course.
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