Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : FirstWave Technologies (FSTW) -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (1335)	7/19/1999 10:26:00 PM
From: McNabb Brothers	Read Replies (4) \| Respond to of 9677

peter, I'm very happy that a lot of shorts piled into FSTW today and if I were you I would be scared also. FSTW is in a position that could see a very explosive move to the up side and I'm not talking because of the fundamentals of the company either. There are only 5.1 million shares outstanding with Richard Brock and a few other insiders owning about 2 million shares of the 5.1 million or 40% of the company. I personally know where there are another 275,000 shares being held which is another 5.4% of the outstanding which only leaves about 2.8 million share that can be traded. With the 8 million shares (1/2 of the 16 million reported in that the OTC trades are counted twice) traded today says that the float changed hands by almost 3 times. A lot were day traders, but I have a feeling that a ton of those shares are short and if that is the case look out, for moves such as this usually last longer than a day. It will be a good short for a correction at some point in time, but not now IMO. I'll never forget KTEL when it jumped like FSTW did today at about the same price levels and went on to $40 a share. I rode that on the long side and I know a number of individuals that were saying the same thing about it as they are FSTW now. I really and truly hope you do not get hurt, but with such a thin float and all the news it made by being so active and being up by such a big percentage I think this could be another major short squeeze in the making. Hank