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To: pallmer who wrote (9742)	1/22/2004 8:31:30 PM
From: pallmer	Respond to of 29602

22 Jan 2004 20:17 ET WSJ(1/23) Short Interest Rose For Month (From THE WALL STREET JOURNAL) By Peter A. McKay NEW YORK -- Short-selling bets against the market rose on the New York Stock Exchange this month, despite the stock market's rally. For the month ended Jan. 15, the number of short-selling positions not yet closed out, known as short interest, rose 1% to 7,330,644,965 shares, up from 7,260,479,678 in mid-December. The short ratio, or number of days' average volume represented by the outstanding short positions, was unchanged at 2%. Investors who sell securities "short" borrow stock and sell it, betting the stock's price will fall, and they will be able to buy the shares back later at a lower price for return to the lender. Short interest often is considered an indication of the level of skepticism in the market. Short interest reflects the number of shares that have yet to be repurchased to give back to lenders. In general, the higher the short interest, the more people are expecting a downturn. Short positions rise in value as stocks fall, and vice versa. Because of that dynamic, the latest rise in short positions came at a time when such bets were falling in value. During the period covered by the latest short-interest report, the Dow Jones Industrial Average rose 5.3%. The next NYSE short report will appear in The Wall Street Journal on Feb. 23. The following table shows the Big Board and Amex issues in which a short-interest position of at least 1,280,000 shares existed in mid-January or in which the short position had changed by at least 490,000 shares since mid-December. (See accompanying tables -- WSJ Jan. 23, 2004) (END) Dow Jones Newswires January 22, 2004 20:17 ET (01:17 GMT)