Shorting stocks: Mechanical aspects Message Board

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Strategies & Market Trends : Shorting stocks: Mechanical aspects

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To: Ken Brown who wrote (99)	8/25/1998 12:56:00 AM
From: chester lee	Read Replies (1) of 172

Ken, As promised, I'm following up with my ZONA Short. The Cover Put Writing was not successful. I shorted at 18-1/2, rode the ZONA erection to 28 and shorted a 40% more shares. Rode the entire position up to 38 and considered shorting more, but was scared. I was attempting to average up at every 10 points. Watch it peaked at $40 before it turned around and headed down. Three weeks ago, I wrote the Aug 20's at 15/16 when ZONA was trading at $23. WHo would have guess that I should have written the Aug 17-1/2's. Oh well, live and learned. I lose 5/8 plus commissions on the original trade, but I'm still ahead on the 40% average-up shares, which I am still short. I have edited my profile to remove the strategy of writing covered calls and puts, as the last few trades have not worked as expected. chester

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