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Non-Tech : Signature Group Holdings

ELLH 15.00

0.0%

Oct 28 3:26 PM EST

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From: SI Bob	3/28/2007 7:11:24 PM
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marketwatch.com Currently 47% of FMT's float is sold short according to the above story, though that number is way above what I'm getting if I take the February figure and add to it the % increase the story claims, but either way it's a big short position. I think it's a case of the baby being thrown out with the bathwater as subprime was far from being FMT's only line of work, and no longer is at all. I never bank on short squeezes to give the kinds of gains a lot of people think they will and most of these shorts should be so deeply in the money that even on a climb they don't have to cover in a panic, but personally I do like a good-sized short interest. This one's huge, though. Quite a bit of premium in the April options, too, on both sides. Puts and calls both priced right around a buck for the $7.50 strike. With Max Main just slightly favoring $7.50 over $10 right now, but that could change tomorrow after today's options trades are taken into account. Could change dramatically, as both the $10 puts and calls had volume today right at half of yesterday's open interest. If we can get any kind of pop tomorrow, I'll seriously consider writing some $10 calls.

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