Y2K (Year 2000) Stocks: An Investment Discussion Message Board

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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion

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To: Ed Zhao who wrote (1689)	11/14/1996 10:36:00 PM
From: Mondoman	of 13949

No I didn't cover, In fact I shorted more. As I explained in a few previous posts, I'm not day trading these stocks. You're right that timing is important, but if I could pick exact tops and bottoms, I'd be a multi-billionaire. I try not to use cash to collateralize my positions. I usually move my longs (right now MSFT, DELL, CMB and WFC) to margin as security. My basic strategy is to make an educated guess for a "worst case" price above the current price of the stock I'm shorting and then enter with 25% - 50% of the shares I eventually want to be short. Best case, the stock falls slowly and I can increase my position for "free" as margin is unlocked. I eventually want to be short 10,000 shares in Zitel (hopefully) before any large drops. By the way - I haven't always profited from my shorts - but I've never been called, and I've never been forced to cover. I have been in situations where a stock I thought overpriced doubled or tripled before it keeled over - but fortunately, I've never seen a 10x rise - mainly because I've tried to enter long after the momentum investors "discovered" the stock - and I felt the frenzy reached a fever pitch. By the way, have you noticed the kind of flak I've been getting? This is the sort of thing that gives me the warm fuzzies whenever I short a stock. I'd be very concerned if the mood turned downright pessimistic and everyone wanted to be my friend! What really gives me a good laugh is all the chatter that goes on whenever the price moves up. Sort of reminds me of gamblers around a dice table who scream, "See..see?!? I told you you should've bet on boxcars on that last roll!!" Then they smugly pick up their chips. Of course, when you come back 3 hours later, they're down to a small stack of 5 dollar chips and are nervously eyeing the credit-card cash advance machines. I shorted another 1800 ZITL today at 49. Regards.

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