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Strategies & Market Trends : SOES Trading

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To: TFF who wrote (1308)	3/15/1998 11:13:00 AM
From: Dave O.	Read Replies (3) of 1618

Re: Shorting Friday I was trying to short PSFT when it was up 2 points, felt it a bit too extended short term. Once it peaked it started slowly drifting down and PCQuote was showing a downtick. Since I don't have a hedge set up on PSFT I can't short on a downtick. It was at 53 1/8 x 53 1/4 on an uptick lets say. Then it falls to 53 x 53 1/8 showing a downtick. I can't short at 53 due to the downtick. But I can offer it at 53 1/16 which creates an uptick from 53 and allow the short to be executed above the bid price. I can use an ECN like ISLD, INCA, ATTN on my offer. BTW, I never got that short off; trades were going off at my price (I kept lowering my "ask" as it fell) way down at 52 11/16 but apparently they were MM's selling shares (routed order flow, etc.). I finally cancelled the order when I felt I might be chasing it more than I was comfortable. Seeing end of day price on PSFT I guess I should have chased it more! <GG> Dave

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