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Technology Stocks : Vitesse Semiconductor
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To: VoodooFL who wrote (215)9/30/1996 5:08:00 PM
From: SI-Shark   of 4710
 
Robert,
I have taken a small short position in this stock.
There are three reasons why my short position is not much larger.
- Breadth of the Institutional Base continuing to accumulate
(Risk of a short squeeze)
- To many good stocks to go Long on.
- General strength of the market

I still expect, as I said a couple of weeks ago, for the stock
to hang around the high 30's for about a month. Thereafter I think
it will fall to the low 20's where long term support exists.

I just wish I understood why people get so pissed at short sellers!
In a market filled with "pump & dump" specialists it seems to me that shorts stop stock prices from oscillating wildly, they are the section of the market which ensures that a stocks short term price does not grossly exceed its long term potential. Think what happens when short sellers do not exist in a market, you have a system of positive feedback where any positive momentum sends the price higher which only serves to increase momentum.

regards
Si-Shark
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