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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (26773)	12/7/1998 12:25:00 PM
From: bob zagorin	Read Replies (2) \| Respond to of 32384

Thanks Henry. Do they have an #800 replay for the call?

To: Henry Niman who wrote (26773)	12/7/1998 12:27:00 PM
From: aknahow	Read Replies (1) \| Respond to of 32384

Short position data has almost no value. As you pointed out many times it can be due to a single large arbitrage position. In addition when a stock has options, some of the shorts can be combined with either purchased or written positions. I would not say one can determine if the market is bearish by a large or growing short position nor would I say one can predict a squeeze. Cramer has an interesting article at TSC, giving an example of sharp one day double which he feels might have been caused by a short squeeze. The stock mentioned however is in no way similar to LGND. LGND has plenty of shares available, and is not undergoing a buying frenzy. So what can one say about a short position? IMO, only that the impact from selling has already occurred. The true buying that might actually be generated by short covering cannot be determined because unwinding arbitrage positions might not require the purchase of stock.