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Technology Stocks : SYQUEST -- Ignore unavailable to you. Want to Upgrade?

To: Michael Coley who wrote (6205)	4/27/1998 8:10:00 AM
From: Vincent Gordon	Respond to of 7685

I saw syqt listed in Barrons as having one of the largest short covers during the past week. Over 3,000,000 shorts were covered during the past week. Is this a bullish or a bearish sign? On its face the covering of three million short shares should mean that the holders of these postions have now reversed themselves and believe that the stock is going to have a runup and will stay there for a while. Obversely, there are still holders of over seven million shorts who are betting over twenty million dollars that the stock is going down and staying down. But I always heard that a large short position can be very bullish on a stock if it starts a run up. Earnings this week???

To: Michael Coley who wrote (6205)	4/27/1998 12:37:00 PM
From: Dale Stempson	Read Replies (1) \| Respond to of 7685

>>>RE: Price Action before Earnings?<<< Well, if there's going to be any sort of earnings run-up, it better happen fast. I had placed my bet that we'd have seen some upward movement by now, but since earnings are now almost here, I closed out my short-term bull position this morning and took a little loss. I'm not sure what to make of last week's action either. It was not what I had expected or hoped for, but then again, the downside risk was minimal, so I waited until now to bail. I agree that a new short position should wait until about $3.5, but I doubt we'll see much activity through Wednesday unless some press is released. Good luck to all. Regards - Dale (no SYQT position as of this morning)