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Pastimes : Don't Ask Rambi

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To: JF Quinnelly who wrote (10345)	4/30/1998 12:00:00 PM
From: Rambi	Read Replies (5) of 71178

No---her middle name would have been Chappell...and she would have been, had she been, Caroline (long I please) Chappell Westbrook, Casey or C.C. for short. But she was Ammo. However, I have a story of great stock prowess and investor acumen to tell you. Official story: Penni cleverly purchased shares of a stock on Monday pending earnings. Sold the following Wed for a quick profit. Then sold the same stock short at the top and covered today when it fell. What a brilliantly diverse play. She does it all. What incredible market timing! Is it her research? Her intimate knowledge of the market's every minute movement? Or an intuitive genius that is a gift of the gods and can't be learned? Real story: Penni bought stock on Monday pending earnings. On Wed morning, she got scared when the stock didn't jump the way she thought it would and put in a sell. Then she changed her mind and cancelled the sell. Then she changed her mind again and put in another sell. Later, ready to change her mind again, she checked and both sales had executed. "I sold shares I didn't own! Will I go to jail?" she pitifully asked the Waterhouse electronic broker guy. (Did you know that they HAVE to have a very strong New York accent to work at Waterhouse? Really. it's true.) "You mean you sold short?" "Not exactly. I didn't tell you I did-you know-where it says sell short? I just sold.. So does that mean I didn't? Or could I now pretend that I did sell them short?" (Penni had craftily checked the price---it was down.) "We'll buy them back at the same price for you if you want since your cancel and sell apparently crossed." "Well, ummm--what else can I do? I mean I don't want to cause problems. I'll keep them if you want." "You can move them to your short side if you want to take the chance." "Well-ok---I'll do that. If you're sure it's ok." So I did. And this morning I watched all sweaty as the market opened up... But then it went down! And I sold.... quickly... Thus achieving the impressive Version 1 of the story.

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