Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Bill Wexler who wrote (4199)	3/5/1998 6:41:00 PM
From: Pancho Villa	Read Replies (1) of 18691

>>My guess is that (just like the sentiment on this thread) a lot of short sellers are disenchanted and tired and probably had loads of preset buy-to-cover orders before the open, hoping to get out clean before the buy-on-the-dip crowd rushed in yet again. << This is why I never place open limit orders of any type. Using this foolish approach a trade can be forced on you. Suppose you have a bunch of buy to cover orders for ZITL at around 15 totalling let's say around 100,000 shares. It does take a rocket scientist make the stock climb its way up to that price level and then screw the innocent crowd. Pancho PS: the bulk of my orders are day limit orders usually not far from where the stock is trading, most frequently at the bid when buying and the ask when selling. May go away from the bid/ask when I don't really care about whether I buy/sell the position.

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