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Technology Stocks : Ciena (CIEN) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Bagwell who wrote (1965)	4/14/1998 4:08:00 PM
From: joe	Read Replies (2) \| Respond to of 12623

In your experience, how would you define a "sucker's rally"?. thanks, Joe

To: Tim Bagwell who wrote (1965)	4/14/1998 5:25:00 PM
From: wynn quon	Read Replies (1) \| Respond to of 12623

It's unlikely that today's increase was due to a short cover. If you look at the short position in Ciena, it's around 4M shares. Today's volume was 7M. That would be enough trading to cover almost twice the entire outstanding short position. With a total float of about 100 million shares, 4M is diddley. Short covering isn't going to do anything to the share price. Here's a more mundane explanation of the rise: ABN/Amro issued a BUY recommendation. >Well my guess is (barring any news) that we just saw a large >institutional short position covered. This is a good sign because >this stock has been under manipulation for weeks now. If a major >short player has left then the tide could finally turn and we could >see some more upside.