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To: Perspective who wrote (8820)8/4/2000 11:07:22 AM
From: pater tenebrarum  Respond to of 436258
 
there never were any to begin with...the NAZ short interest ratio was only 1,5% at the May low...that's unprecedented for a major low. usually you get 3-3,5%.

imo many shorters simply gave up...or were wiped out in the run-up from last October. if you shorted the fundamentally most suspect stocks, you either had to have a lot of staying power, or you were wiped out if you didn't use stop loss strategies.

when the time to short the market came, almost everybody was in fact long...the speculators net long position in NDX futures was at a record high at the March top.



To: Perspective who wrote (8820)8/4/2000 11:09:38 AM
From: Perspective  Respond to of 436258
 
...but plenty of margin debt left to wring out. 'Bout $250B, according to fmcenter.org

Jan-99 153.240
Feb-99 151.530
Mar-99 156.440
Apr-99 172.880
May-99 177.984
Jun-99 176.930
Jul-99 178.360
Aug-99 176.390
Sep-99 179.316
Oct-99 182.272
Nov-99 206.280
Dec-99 228.530
Jan-00 243.490
Feb-00 265.210
Mar-00 278.530
Apr-00 251.700
May-00 240.660
Jun-00 247.200

BTW, margin debt dropped by 33% in the 1987 mini-crash, and actually bottomed at the Jan 1991 low.

BC