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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Patrick Sharkey who wrote (20899)2/26/1999 8:41:00 AM
From: George Dawson  Read Replies (2) of 29386
 
Pat,

My understanding of the short position posted is that they are shares that have not been repurchased or covered at the end of the reporting period - which runs to the 15th of each month. I think you are right in that it represents less people (for whatever the reason) betting against the company and in that sense to me is an indirect measure of valuation. In Ancor's case it also reflected a significant conversion of the preferred shares. In my opinion there is a higher likelihood appreciation of the stock price based on this marker, than a temporary increase associated with short covering. I think it can also be seen as a sample of how many might be shorting the stock on a short term basis (any time less than the reporting period) if you assume that those traders are not making a conscious effort to cover their positions and not end up in the monthly report.

George
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