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

To: Tunica Albuginea who wrote (1472)	7/2/2000 12:00:38 PM
From: BWAC	Read Replies (2) \| Respond to of 4155

<As you can see, these 57 mill shorts started forming in March, when the stock was 12> Looks to me like at LEAST 30 Million of those formed under or around $8, as the shares shorted increased from 27 Million in early April to 57 Million current. Stock fell from $12 to 8 the first week of April. So those 30 Million are now 25% or so under water, unless they have successfully traded the spikes and dips of which there have been few. Not to mention the huge competition for shares, while the stock was parked at certain prices along the way and traded in a 1/16th spread ALL day long. Hard to daytrade that, when you get in line behind 400,000 shares to buy and 400,000 to sell 1/16th apart with no movement. I think if you could see the entire story, and all the pieces of the puzzle were revealed, it would shake out somewhere along these lines: 3 types of players. Longs, Fearmongering Aggressive Shorts, Gullible Pile On Shorts. The Longs got taken for a beating by the Fearmongering Aggressive Shorts with the ride from 14 to 5. The Fearmongering Aggressive Shorts exceeded beyond their wildest expectations, covered behind the scenes and are now Longs in disquise with profits to spare. Their short position being replaced/pawned off on the Gullible Pile On Shorts who are now at the point of severe trouble. Big Winners: Fearmongering Aggressive Shorts. Big Losers: Gullible Pile On Shorts. Long Term Winners: The Longs who bought at appropriate prices. All in all, I see this as a sad commentary on the morals of some people, the greed of others, the throw caution to the wind gambling atmosphere of this market, the lack of attention to the most basic valuation models, and first and foremost the gullibility of the herd. The next working model of this example will be witnessed in the 40% shorted AMTD, and 30% shorted EGRP, some of the dsl access providers like RTHM, and a few select top tier internet stocks.