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Technology Stocks : Seagate Technology
STX 346.53+0.7%Jan 22 4:00 PM EST
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To: William Epstein who wrote (6889)2/20/1999 2:05:00 PM
From: William Epstein  Read Replies (1) of 7841
 
To All;

As expected, the Barrons short interest report shows that SEG's short interest was reduced from 5.1 Million to 4.9 million shares this month. The figures were reported on the 15th. and the price is lower now. Last week's 4.8 million share day (Wed) involved a lot of short covering. We should see it in next month's figures. We could see another day like that again, soon. It should be remembered, that the more short covering we see now, the more powerful the rally that will follow in late March and April. I only wish they would get it done soon. After checking the Barrons short interest figures for SEG for 25 months I can say, without doubt, that short interest is being reduced on the installment plan. We should see a steady reduction until the stock gets into the mid fifties. Short interest is being used as a price break here to keep prices from going too high, too fast. Classic insider use of short interest to control price. 85% of all short interest is held by insiders on the NYSE, not the public. Sometimes, there are big positions for arbitrage but there is no significant arbitrage position that I know of in SEG stock. The reports I get would have a notation showing it.
PHOTOMAN
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