SHORTS ARE COVERING BIGTIME
Jun 22 1998
8:35AM EDT
JUST THE FACTS:
SHORT INTEREST: MAY 15- 4,247,957 SHARES
JUNE 15- 3,840,183
SHARES COVERED- 407,774 SHARES
DROP IN SHORT INTEREST = 9.6%
AVE. DAILY TRADING VOL. 45,885
Total shares traded from
May 15 thru June 15 1,009,470 shares
Days to cover: 84
The shorts were buyers of 40.4% of the shares offered and they bought
most of them at the bid not the ask. That is why the stock went down .
The volume last week was 242,300 shares . I think we can assume that at
least half if not all of the buying was short covering.
I think one can assume that any shares offered from now till approval
will be sought by shorts. From my viewpoint it is by far the best
opportunity they will have to cover no matter what they have to pay.
After approval selling will dry up and any analyst coverage will provide
a whole stream of new buyers that the shorts will have to compete with
and that i guess we can call the inevitable "SHORT SQUEEZE".
BUY, BUY, BUY If you have to borrow from your Grandmother do so, but
don't SELL. We are just to damn close to our day . :-} |
