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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (22190)	11/2/1999 1:55:00 PM
From: KevinMark	Read Replies (1) \| Respond to of 108040

Thought about the executioner too, but never followed through. Thanks for the info.

To: 2MAR$ who wrote (22190)	11/2/1999 2:09:00 PM
From: vagabond	Respond to of 108040

OT, re myTrack: Actually you CAN short thru myTrack by phone -- and they're now working on automating the process, although that's still very much a work-in-progress. For those who may be interested, I got the following e-mail from them several days ago explaining where things stand right now (Including a new "semi-automated" procedure that went into effect THIS WEEK). But don't ask me any questions about all this, because I've never shorted and really have no interest in learning more about it... ============================= Dear myTrack Member: We devised a way to allow short sales in myTrack online trading accounts. It is not 100% automated but it's a step in the right direction. (We are still trying to finalize alternate arrangements to get to 100%). Rather than attempt to break this good news at the monthly Thursday chat (it's kind of lengthy anyway), we are emailing you now so you have some time to reflect and ask questions during the chat. The Problem: ----------------- Currently to place a short sale, you have to call up a myTrack broker and request it. This is counter to our business model that is built on complete automation, i.e. the only time that human intervention is needed is when there is a problem. The problem is not that Herzog cannot get it done. The problem is that they are not set up to provide uswith a list of shortable ticker symbols in the beginning of each day so the process can be automated. The Workaround -------------------- We will allow you to start entering short sale orders/indications between the hours of 4:15 PM EST and 8:00 AM EST. This will be your way of telling us that you are interested in shorting a particular stock for the NEXT trading day. For example, entries made from 4:15 PM Monday to 8:00 AM Tuesday will be indicators for the Tuesday market day. At 8:05 AM each morning we will contact Herzog and get approvals for all shorts entered over night. All orders that are approved will be left intact. Those orders that are not approved will be canceled. If your order is left intact - that means that you can try to short the stock anytime and at any price you select but only for that day. Example of a Real Short Order ------------------------------------- DELL closes at 40 you want to short DELL at 42. You enter a short sale order for 100 shares at 42. If the order is left standing by 9:30 - you are ready to short DELL at 42. Note that you can change your mind, cancel the order and put in another order at a different price anytime during the day. Example of a Short Order Indicator: ------------------------------------------- This is a real order but it is entered just to get approval to short a stock. DELL closes at 40, you want to short it during the day but haven't made up your mind at what price. You enter a short sale order for 100 shares at 200. If this order is left standing, you can then proceed to cancel this order and enter a "real" order when you figure out the price. For your protection, all short orders must be DAY orders and hence will expire at the end of the day if not executed. If you have any questions - either ask Barry on Thursday or send a Tell Track to Brokerage. This will be available beginning on Monday, November 1. You can enter your first short orders on Monday after 4:15 PM EST. The myTrack Team at Track Data Corporation