<...it's now down to about 7 times what it was when I first shorted it>
Ha! Must have had a lot of pain on the way up, huh? Did you catch the pullbacks with your shorts, or have to wait for the big pullback off of $244 to make the dough?
I'm not sentimentally attached to the issue; I'm short as often as I'm long it. But, I've made the most going long - my YHOO shorts tend to be 2-5 pt scalps. I trade it with a reasonably tight stop upon entering, then use a trailing stop to catch the bigger swings (per my trading methodology posts over on the 'Daytrading Fundamentals' thread. [I'm not one of those 'trading gurus' promoting myself on 'Si'; just a private trader exchanging ideas with others]
On a separate topic probably of broader interest to YHOO'ers long and short, just reading in the paper here in Silicon Valley this morning, their CFO exercized over $16M in options during 1998. Based on the huge run of heavy insider selling over the past eight weeks triggered by that run over $200, these YHOO insider-selling numbers should be spectacularly large next year (hey, you can't blame em'!), I would speculate over $100M worth of shares dumped in some cases. Here's the 1998 list, first number is salary, second gains on option, third total 1998 compensation (based on SEC filings, for YHOO officers) - as compiled by the San Jose Mercury News (www.mercurycenter.com):
Tim Koogle, CEO/Pres 195,870 7,317,509 7,513,379
Jeff Mallett COO 185,270 115,462,945 15,648,215
Gary Valenzuela Sr VP,CFO 173,010 16,395,197 16,568,207
Farzad Nazem Sr VP, CTO 177,830 4,277,965 4,455,795
Anil Singh VP 253,010 4,095,478 4,348,488 |
