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Strategies & Market Trends : Shorting stocks: Mechanical aspects -- Ignore unavailable to you. Want to Upgrade?

To: knight who wrote (54)	6/21/1998 9:39:00 AM
From: Anaxagoras	Respond to of 172

To: Carl Worth Re: Some quickie additions to a post on the Broken Stocks Thread. ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drakes' suggestion of electronically putting in an order after market close does seem to get you at the head of the line; however, bear in mind that Stock Loan (i.e. the dept. that gets the shares for ya) doesn't open till 8:00 am, so don't expect to hear anything till after that time regarding whether you get the borrow. Schwab tells me that they have one of the most sophisticated electronic systems for "shoppin' da street", so apparently it's pretty easy for them to do. You can ask to be placed on a waiting list for some issues. When I've done this I've had shares come back to me in anywhere from a couple of hours to several days, and sometimes not at all. If I recall correctly, you're placed on the list for 5 days before being removed. Obviously, often the stock is no longer at a price you want to short by the time that comes through. Anaxagoras