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Strategies & Market Trends : Rande Is . . . HOME
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To: Rande Is who wrote (5970)4/26/1999 9:05:00 AM
From: Lola  Read Replies (1) of 57584
 
Rande if there's going to be a drop in price for BIDS, it will happen end of day Monday or sometime on Tuesday. The BIDS American dutch auction is on Tuesday night, so the stock may begin it's rally on Tuesday afternoon. There's also a BIDS Canadian dutch auction scheduled for this Wednesday. This should bring in alot of buying too.

It's month end next week and Canadian brokerages have to clean up all the customers accounts for margin calls etc. They will have lots of sells at market on Monday (but not on the open, usually they do this on the close) and on Tuesday because there is a 3 day clearing period for all trades. By Friday they have to have all the customers accounts out of margin calls and have settled the trades.

Canadian exchanges do not usually have the correct short position on a stock because the brokerages do not report most of their short sales. I don't know how they get away with that but it's always been that way.

I calculated what I think the Canadian short position is by going over the last 2 months daily buy and sell totals. I think the short position in Canada is just under 5 million shares leading up to it's listing on the Nasdaq.

The President of BIDS said that there's alot of institutional interest in BIDS in Canada and the UK. He said the buying should start coming in about 2 weeks. The buys from the Canadian mutual funds should be really big since BIDS is the only significant Internet stock we have in Canada. We have to buy BIDS for our retirement accounts because of the Canadian content requirement. We have to have 80% of our portfolios in Canadian stocks.

Lola:)
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