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Strategies & Market Trends : CAVALRY'S SHORT BUSTERS - MAGIC EIGHTBALLS PICKS
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To: Ellen who wrote (1049)10/14/1998 9:37:00 PM
From: Cavalry  Read Replies (1) of 1637
 
from heb letter, selling short in the marketplace is a way to make money from a decrease in a company's stock price. short sales operate by borrowing by borrowing securities and selling such securities in the market. if you wished to sell short you would tell your broker of your intention and your brokerage firm would borrow and sell securities from accounts held at the firm. a broker can only borrow securities from accounts where the securities are paid for in full in cash or if the individual requests in writing not to use the account for such purposes.
therefore heb suggests that you immediately contact your broker by fascimile and inform him/her that they are not permitted to hypothecate, pledge or borrow your securities in any way and that you demand written confirmation of such acceptance.

letter looks like this
date
via fax
brokers name and address
re acct#
dear.....
i hereby request a written confirmation from you that as of today you will not borrow pledge or hypothecate and xxxxx securities held in my above captioned account pursuant to any short sales or any other purpose.

please immediately provide me such writtien confirmation.

very truly yours____________
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