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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: FMK who wrote (19441)	4/29/2000 3:46:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 27311

Fred, the large increase in short position from 2 MM on 2/15 to 4.1 MM on 4/15 has all occurred at prices higher, and much higher than current prices. I fear that these people feel no urgency to cover at all. You will probably have to have a breakout of the $25 to $26.5 area before you will get these short to stampede. On the other hand, without this short position (and partial covering of these shorts around $15?), you would not have the support we are seeing here at $15, thus the shorts fulfill their function as well, they prevent stocks going to irrational valuations either on th high end or on the low end. Zeev