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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: gringodoc who wrote (826)	8/10/1999 2:34:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 1438

Bringo, if I were you I would simply lower my SL to around 4.5 and ride it down. Since I presume you have shorted around $7.5 to $8.5 when the floorless was first discussed here, I am assuming you kept increasing your position as the stock came down. If you have a single position, you have to ask yourself how much more can you get out of this, another $2?. While it is quite possible that this stock will go to sub $1, you may want to cover and reshort on a 50% bounce. What I cannot tell you is where the bandits will start their bounce, I would guess that at half their ceiling ($5.5?) would be a good number. Zeev