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Microcap & Penny Stocks : USTI UNITED SYSTEMS TECH INC
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To: Pied Piper who wrote (878)10/7/1999 7:29:00 PM
From: Rande Is  Read Replies (2) of 1001
 
Yes, I believe putting a sell order good-til-cancelled GTC is smart. It does take the shares off the street. And depending upon your broker, it remains just as liquid. When I want to sell, I merely place a "change order" and change the price and make it a day order.

As long as your shares sit in your account, your broker may use them to "lend" shares to those wishing to sell-short. I have never seen this result in a squeeze before, but it is good practice. . .especially when there are hostiles around. You won't get your $25 bucks. .LOL. .because before the MMs will pay you, they will beg the company for shares.

Another factor. . perhaps the biggest. . is naked shorts. If short-sellers wish to short a penny like USTI, they will often do it offshore, since traditional US brokers don't allow shorting pennies [tho some do]. . . and if they use offshore accounts, then why not just short naked. . . who needs "actual" shares to borrow against? As long as the position is covered before 3 days is up and no stock need change hands, there will be no problem. . . .and that is exactly how it is done.

So you could have MORE shares short a stock than exist in the float. . . and that is why it is important to take the shares you are holding long. . OUT of circulation, by placing a GTC order.

And you may even like your GTC orders. . .I do. . . it is fun to set a lofty goal on a sell, then get filled when a stock spikes suddenly.

Rande Is
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