Regular readers of this thread know that I watch the short interest in CMGI (well, not as carefully as I used to...). Anyway, I checked the November numbers and was stunned to see the following:
11/00
Shares Short: 20,680,973
ADV: 9,792,420
Cover Ratio: 2.11
10/00
Shares Short: 17,625,637
9,830,636
Cover Ratio: 1.79
09/00
Shares Short: 15,540,771
ADV: 6,181,118
Cover Ratio: 2.51
08/00
Shares Short: 15,092,518
ADV: 5,440,965
Cover Ratio: 2.77
The jump in short interest on CMGI in the past two months -- as we endured a huge downward slope -- is surprising, especially in November. Also, the November short interest is at a 12-month high. Granted, this data is from closings on Nov. 15, but I'd like to suggest (or is it pray?) that this might be a near-term bullish sign. We're oversold from the looks of this indicator.
Who knows -- maybe we'd even hit, what, 15?
Scarecrow |
