SIEB Siebert Financial Brokerage Message Board

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Technology Stocks : SIEB Siebert Financial Brokerage

SIEB 2.740

-1.8%

Nov 3 3:59 PM EST

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To: Gutterball who wrote (213)	4/8/1999 3:54:00 PM
From: Sun Tzu	Read Replies (1) of 284

SIEB has support level at 30 and resistance at 60. Seems like pretty good risk reward ratio to me. I am not saying it is not without risk. I am saying that I hope the shorts pile on it and get squeezed even more. Remember, I am the one who shorted it at 60s. What you now have are people who think it will fall like a stone and plan to short it, as well as those who think that it will go to 100. The shorts are counting on the stock being overvalued (YHOO was overvalued at 20!) and the valuation does not mean zip in this case. What many shorts are missing is that the stock has made a fairly decent base between 22~29 and has just broken out of it. Any of the people who bought SIEB during the run up and wanted to sell, has already done so. Whoever is holding the stock right now either bought it in 20s and as such is not likely to sell on a pull back. Or is one the "True Believers" from the last run up and again is unlikely to sell. What is more, the stock is not as easily shortable anymore; When I went short, I called my broker and said I want 2000 shares to short and it went through like a breeze. Try getting shares to short right now and you're lucky if you can get a 100 of them. Any additional buying is a further push up to the stock. I think we will go up to ~65 easily, then the shorts will pile on, but this time the stock will go higher and force them to cover at ~120. A little pull back, especially near the close is natural. Tomorrow we'll be off to the races again. good luck, Sun Tzu P.S. JBOH has almost trippled since its recent bottom. Do the same ratio with SIEB and again you get ~60

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