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

To: wynn quon who wrote (1970)	4/14/1998 5:45:00 PM
From: joe	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.> I think another few factors to consider are: 1) Intel is reporting today - might scare off shorts. 2) Over the last few days or more, this stock has been trading with very light volume, making it easy to move. I get the feeling that most long term holders as myself are all locked in. Not many weak long term holders left. Not much meat left for shorts, so I think they have been pushing down price on very low volume over last week or so. So, this with as you say, the coverage initiated is stirring the pot. Plus, it seems that there is a lot of ambivalence about this stock. A couple of days we get some bad news. Then couple of days later we get some good news. What's keeping me in the stock is that I think there's enough steady long term news that is substancial and worth the price/risk at this point. Any comments?