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Technology Stocks : C-Cube
CUBE 37.23-0.3%Nov 28 9:30 AM EST
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To: John Rieman who wrote (25833)11/28/1997 3:02:00 AM
From: Rarebird  Read Replies (1) of 50808
 
A word on Short Interest:
A heavy short position is bullish for a stock; for it adds fuel to the upside momentum when the stock rallies. In Cubes case, short interest has decreased due to excessive optimism and high expectations for the shares. It was in vogue to short Cube last summer, which was bullish for Cube. Many of these short sellers were weak and they have now been flushed out by the bear market summer rally. The short sellers of Cube are now a strong relentless group. Most are very astute and smell a real kill here! Don't underestimate us or our prowess! You will get your sharp countertrend short covering rallies, but not much more than that. Cube won't bottom out until the situation in Southeast Asia stabilizes and that won't be till 1999, in my opinion, at the earliest.
One other thing: I've been asked why I have changed my stance in relation to Cube. My response is that I never did change my stance: I said many times last summer that I was short term bullish but long term bearish on the stock. Why not play a bear market rally? Even terminally ill cancer patients go through a period of remission.
Second Thing: I didn't short Cube at $34 because it is a momentum stock and I first wanted to make sure it broke trend. I've discussed my short selling philosophy and listed my shorts in the Cube Clubhouse last summer.
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