CUST..no I did the short with Dreyfus, and yes you need a short with an uptick, but remember I did the short yesterday while CUST was up. I did the OPTION puts today with AB Watley, mostly because I'm extremely familiar with the 'interface' and have turbo options as well. These were the PUTS after I covered the short. Now the second PHCM I did with Dreyfus but left rather quickly, mostly I'm practicing and decided to do all short positions through Dreyfus, so I won't have trouble getting used to the interface since I've never really shorted before so I didn't have to get 'unused' to anything.
Understand however that all this is planned "lesson plans" the night before. Even the strike price is planned. Of course I don't know for sure if I do a put or call, long or short, but usually the stock is poised for something very sharp (drop or rise).. I would not do it in a stock like PFE, CPQ or MACR.. Just for extremely wide intraday range stocks like DISH, GMST, BRCD, MAIL,JWEB,EDGR ...)
For example I can NEVER at the spur of the moment do a short from a 'news' report or a stock that is not in my watch list. They have to come from my 'familiar' stock trades (i.e. YHOO, CUST, PHCM, GNET, QLGC, QCOM, etc)..
After the first short last week, I'm feeling a bit more comfortable. Of course I'm still unable to short for longer than a 2-3 days so far. Its probably because I usually short 'good' stocks (except maybe CUST, which I'm no longer sure if its good or not).. on a pullback. I had planned to use Dreyfus for options also, but so far I've yet to do one through them. |
