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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Michael Bakunin who wrote (77065)	3/6/2000 6:09:00 PM
From: Steve Lee	Read Replies (2) \| Respond to of 132070

mb, when you cover a short position, the shares you had previously shorted become available to others to short. If net covering were taking place, shares would be available to short. Shares are not available to short. If this is because of new shorts moving in at higher prices, that means that buying pressure due to covering is negated by selling pressure due to new shorts, short position remaining equal. Net result is that buying power is coming from somewhere and this also negates the view that the RMBS stock action is due to short covering. RMBS stock action is due to institutional buying. When MSDW has established a large enough position, they will make their recommendations available to the general public.