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Pastimes : Asensio** King of the Shorts - LET'S RUMBLE!
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To: Mama Bear who wrote (212)1/10/1999 3:12:00 PM
From: Andrew Martin  Read Replies (3) of 257
 
Barb. Quite to the contrary most shorts -who haven't Jumped yet, short with cash. It is done with either a cash-only account or by holding an equal or greater amount in cash against what is shorted -to cover appreciation against the short.

As an example, I shorted Ebay at 86. I maintained an amount of cash in the account which equalled 2x the value of the short at the time it was executed. I then put in a stop limit cover order for 173 -to be purchased with the cash reserve, to close the position in case "disaster" struck. Well, we know the story on Ebay (and my $$$) don't we.

As for Asensio I believe he shorted two positions. One at around 16 and another around 8.

I really hope he didn't short on margin. I doubt he did. He was probably betting on the pink sheets and that's likely why he didn't cover. As you know many institutions do not finish the year with a delisted stock on their books. They sell-off the delisted stocks in December. Maybe A was playing a waiting game. Well, he snoozed so...

As for ABTE being "moot", no way Barb. If there is p.r. spamming by Asensio it means he hasn't covered. He hasn't done so because he can't -there's not enough retail sellers. He likely has an institutional bear trap set-up against him at 5-7. The purchasing in that range was unusual and (for several reasons) indicated institutional buying. Unless the market tanks it's gonna get real ugly for him this week.

I 'feel his pain' but since I've always liked ABTE I can't justify his selling it.
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