You can move a hyperlink but its easier to put it in a layer..

Code:
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">

<html>
<head>
<title>Untitled</title>
<script language="JavaScript" type="text/javascript">
<!--
function findleft(objectID){
    if (findDom(objectID).left){return findDom(objectID).left;}
    if (findDom(objectID).pixelLeft){return findDom(objectID).pixelLeft;}
    if (findDom(objectID).offsetLeft){return findDom(objectID).offsetLeft;}
    return 'null';
}

function findtop(objectID){
    if (findDom(objectID).top){return findDom(objectID).top;}
    if (findDom(objectID).pixelTop){return findDom(objectID).pixelTop;}
    if (findDom(objectID).offsetTop){return findDom(objectID).offsetTop;}
    return 'null';
}

function findDom(objectID){
   if (document.all){
       return document.all(objectID);
   } else if (document.getElementById){
       return document.getElementById(objectID);
   } else if (document.layers){
       return (document.layers[objectID]);
   }
}
//-->
</script>

</head>
<body>
<span style="position:absolute; left:50px; top:50px;" id="link1" onmouseover="this.style.left=findleft('link1')-10;this.style.top=findtop('link1')+10;"><a href="javascript://">This is a link</a></span>
</body>
</html>