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Biotech / Medical : IMNR - Immune Response
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To: Robert Knight who wrote (775)7/3/1998 12:04:00 PM
From: AHM  Read Replies (2) of 1510
 
I assume you are responding to my message #771. I still stand by my opinions and those of the quoted respondent on the Yahoo board. Since Oppenheimer's analyst, Mat Geller, has been recommending a short on IMNR, isn't it natural that Oppenheiner's clients (and others like myself who do not have an Oppenheimer account) who accept his opinion are going to be short sellers? Nothing mysterious or sinister here - it's the market functioning normally. I don't believe that shorts require any more rescuing right now. I went short on 6/25. I acknowledge that it is more profitable for a firm to have its clients shorting - but that is simply the way it works when clients short in their margin accounts. The firm charges full margin interest and pays next to nothing to borrow securities from other firms and nothing at all to use longs from margin accounts of their own customers. Right now it seems as though, for the moment, those who followed Geller's recommendations (and I'm one of them) have made a great deal of money this past week. I waited for a reaction to the NYU Medical School release (which was the substance of Dr. Valentine's remarks today) and in the absence of market reaction I climbed off yesterday and covered. Couldn't be happier.
If there is nothing more in the form of positive news on Monday, I may go short again if the opening starts trending downward. Why fight the market - use it to your advantage and make money. I love any security where I am on the right side of the move.
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