when on Mouse Over state on a link the status bar shows the link’s location in the status bar like in the following image…
is there a way to change\override this to show some desired text…

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In ie9 method 1 does not have any effect. Method 2 also defeats the purpose of concealing info, by placing active file path in status bar, rather than customary interpolated uri:
Perhaps there is a way to use method 2. Possibly a proxy link-file location intercept. For example:
where c:\links\anylink links to c:\private\privatefile …?
Further: ‘Con: can’t open link in new tab / new window’ … javascript?