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To: Mark Pritikin who wrote (22623)7/8/1999 12:38:00 PM
From: Jan Crawley  Read Replies (1) | Respond to of 27307
 
I had sold 20 AMZN calls with a 150 ex.... The stock went up something like 40 Friday and another 40 on Monday. I think it hit 238 on Monday at the open.

I am sure that it was a true and scary story. I am not short Yhoo at all right now, but will be if Yhoo $189 in the next few trading days.

Would like to point out some MATERIAL changes relating to the above Amzn event:

During Nov,98 -- Amzn's float was 12M shares and short interest was around 8M shares. A terrible float/short ratio.

Today's Yhoo -- 84M shares as the current float against 9.3M short shares. Short interest dropped from 11M in 5/99 to 9.3M in 6/99.



To: Mark Pritikin who wrote (22623)7/11/1999 10:23:00 PM
From: Typhoon  Respond to of 27307
 
Thanks for the advice. I know there was an element of recklessness to the strategy, but I have learned on thing. Cut your losses. particulary when shorting. The market can be irrational and keep tight stops. Never ever stay short a stock that breaks to a new high.


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