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Gold/Mining/Energy : International Precious Metals (IPMCF) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (28091)	11/22/1997 2:18:00 PM
From: kimberley	Respond to of 35569

Larry, Yea, I knew you'd want to know you could buy them back!<g> <<Serious question though. What if the shorts already have been covering, and that has been the only buying? If so, the price could fall a lot more, and the buying when the shorts are covering theory may not be a good strategy.>> very good question... short answer is that it's just sort of a general rule one can follow. with ipm, right now the shorts buying is all the support it has. there are 2 parts to this, though. there was, imo, a fairly large retail short position, as well as the usual mm shorts. now i think a lot of retail shorts have covered, probably strictly from a technical standpoint. there is support from last year right at this level... it will either hold or it will break, so locking in profit here isn't a bad idea. that is the retail side. now you look at what the mm's are doing. no covering... i always assume they know more than me, so when they start covering i'd assume they see something to make them believe it's going higher. that would be my entry point for a trade, and my exit would be when I start seeing size on the ask, which could be either mm pressure or retail selling pressure. I wish I could figure out how to print my screen.... jack told me how he prints his, but it didn't work on mine (we have different level II providers), anyway, it would be clearer if i could show you, but looking at how it closed Friday. adding up all the size on both sides looks like this... total of 55 at the bid of 1 7/8 x 125 at the ask of 2.00. that isn't a large discrepency, but since we have no buying pressure, and by that i mean that the bids don't want it bad enough to pay the ask, then it makes it look very weak. I hope I'm making sense here. I feel like I don't explain this very well<g> agree with you regarding the fundamentals... would'nt want to buy until see more information. best, kim

To: Larry Brubaker who wrote (28091)	11/22/1997 2:22:00 PM
From: Bob Markley	Respond to of 35569

Larry, ... the fundamental information is already starting to come out. The price w/o any positive news is a function of margin calls/short selling and the covering of shorts/bargain hunting. The financing is IMO, not just dillutive , but most likely result in both a change in ownership & management. The thing that showed up technically this week was the complete lack of support of the institutions. I bailed out at $3.25 & $3 w/losses. Why are the institutions not protecting their investment??? IMO, ...they are, they have most likely sold the stock short to obtain control of the company.They might have know the probable news on the report, current known financials, assays(that they might know about)& future delays. They might also have felt that current managament misled(lied??)to them. This would be an arbitrage situation for them as the control block will most likely be 'flipped' to a buyer. I'am not going to play fundamentals again, ...TA wise we will have lot's of evidence of when the takeover occurs,... and lot's of time to buy back in. Bob