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Technology Stocks : Booking Holdings (formerly Priceline)
BKNG 4,915+0.1%Nov 28 9:30 AM EST
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To: Gerald Walls who wrote (1098)5/4/1999 7:12:00 PM
From: Hollywood  Read Replies (2) of 2743
 
I believe that, technically, you have to sell your long on an uptick to avoid being in violation of SEC rules. Selling a long from a boxed position has the same net effect as going short, so while you may eliminate the need to find stock to short, you are still subject to uptick rules. I would check this out if I were you.

Hollywood

Gerald wrote:
Exactly. It's a safe way to flatten your position without the risk of not being able to find the stock to borrow to go short again, or having to wait for an uptick in a plunging stock.

If you think a stock may rally, instead of covering your short you can box it (go long against your short) and then when the rally is done you sell your long and you're short again. If you cover your short then you have find the stock to borrow again and the stock may drop 7, 8, 9 points without an uptick while you wait for your short sale to go through.
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