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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: Tunica Albuginea who wrote (1471)	7/2/2000 12:01:11 PM
From: brad greene	Read Replies (4) \| Respond to of 4155

26 Million CNC shares shorted @ $5.00? Tunica, This is very interesting. Yahoo shows the short position in CNC as of June 8th to be 57 million shares......up 13 million from the previous month. If you pull the historical quotes for that period of time...you will see that CNC spent that entire time trading in the $4 to $6 range......mostly in the low $5s. This means that at least 13 million shares were shorted at this level.....and common sense would tell you that, during this time, many of the short positions that were initiated at much higher levels would have been covered. I would guess that perhaps 13 million of covering would have taken place.....smart shorters taking profits. But if about 13 million of short covering occured.....yet the overall short position increased 13 million.......then a total of 26 million shares must have been shorted in the 5s. I can't say for sure if there is blood in the water here quite yet......but the idea that those holding short positions are comfortible because they are just giving a little of their big gains back.....is just wrong. I think a huge part of the short position is down 80% to 100% at this time. Another interesting point about this....is that Yahoo shows that institutions own 93% of the float.......while insiders own about 100 million shares? I don't know if the insider shares or the institutional shares are held in street name or in certificate form. Many of them must be......or you couldn't have 57 million shares short. This may really be a short squeeze.... if insiders and a few institutions call for their stock?...and there is good news?.......Yikes! If Wendt pops a recovery plan next week....this will turn into an event......IMO. bg