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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Dnorman who wrote (16044)12/11/1998 5:27:00 PM
From: Peter V  Read Replies (2) of 18691
 
Boxing is done by buying an equal amount of shares as you have sold short, but NOT to cover the short position. So it freezes your profits and losses at that point, because the short and long gain and lose the same amount. It is used to protect your position from loss if the stock is moving up and you don't want to give up your short shares because they are tough to borrow, or whatever reason.

Some brokerages, like Datek, don't allow boxing because they automatically close your short when you buy shares. Dreyfus requires you to specify whether you are closing the position, thus allowing you to box.
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