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To: James H. Irwin who wrote (10314)	12/12/1997 3:34:00 PM
From: Trader X	Read Replies (2) of 17305

re: BAANF. quote.yahoo.com BAANF is breaking support at $32 today in a big way. One thing I understand about large short positions, they usually have merit. While a short position can be good for a stock because the short has to cover if the stock rises, very large short positions tend to be prophetic...because shorters tend to research the company better than those on the long side, since it's more costly to be short than long. One of the mistakes I made on APM this summer when I bought it at 32 was to ignore the short position--largest of all stocks. The shorters turned out to be right. Now APM is at $13. -Kevin

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