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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Twister who wrote (20339)	1/22/1999 4:37:00 PM
From: Greg Hull	Read Replies (1) \| Respond to of 29386

Andrew, <<I am going to guess that our short interest increased over the past month, especially in the last 4 trading days.>> Do you expect the Jan short position when it is announced next week to be greater than the Dec position of 1.06M shares? The shorting that you are observing should be unrelated to the preferred stock conversion process, I assume. Many people expect the short position of the preferred shareholders to drop significantly since there are so few preferred shares left to convert. Is it your expectation that the "normal" short selling you have seen lately will more than offset any short covering by the preferred shareholders? If these sales represent a naked short position, these shares will have to be repurchased on the open market. Wouldn't these sales represent at least short term bearishness? How likely is it that these short sales are mere hedging of an existing long position? Thank you for your observations, Greg

To: Mr. Twister who wrote (20339)	1/22/1999 11:39:00 PM
From: Alan Bershtein	Read Replies (1) \| Respond to of 29386

I had an interesting ANCR trade today which I thought I would share... I have been long ANCR since May 96 and currently hold what I consider to be a handsome number of shares. I normally do not day trade but Thursday, on a lark, I purchased 1500 shares at 7 9/32 with the intent to quickly sell for a small profit. Late today, as the price rallied, I entered a sell limit for the 1500 shrs at 8.125. As I closely watched each tick, the bid never went above 8 1/16. The ask never went above 8.125. The price then retreated so I figured I did not get filled. Much to my surprise, my order was executed. At 15:26:21 1000 shrs executed, then at the identical time stamp, the remaining 500 shrs filled. I thought I understood how the bid/ask system works. Obviously I don't since, as I understand it, my order never should have executed. I do not know if anyone else finds my little tale of interest, but I am fascinated. Can anyone offer an explanation? Right now I am happy to have gotten 8.125 for those 1500 shares. Hopefully, one day soon, I will regret having parted with those shares at that price. ... a good weekend to all!