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To: Eric P who wrote (3592)	3/31/1998 11:42:00 PM
From: Peter H. Hodge	Read Replies (1) \| Respond to of 12617

You can short even on a downtick if your limit order is higher than the bid. This can be at the ask or between the spread. I have frequently done this through Datek, and I presume other brokers will allow it too.

To: Eric P who wrote (3592)	4/1/1998 6:21:00 AM
From: TFF	Respond to of 12617

Eric: That is exactly how you short. Otherwise if you wait for an uptick and try to hit the bid, by the time you do it may be a downtick and be an illegal short.

To: Eric P who wrote (3592)	4/1/1998 8:53:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 12617

Eric, a couple of things: 1. first, you cannot short using SOES. Do so and your broker will lose his liscense, the firm fined big time and SEC will disavow your trade and probably fine you as well. The SEC is a tough group. 2.Usually, selling on offer almost assures you of a uptick,but lets say this happens. Stock is 10 1/8 x 10 1/4...printing at 10 1/4, then 10 1/8, 1/8, 1/8, 1/8...all donwticks...now stock falls to 10 x 10 1/8...still printing at 1/8, 1/8, 1/8 1/8...the 1/8 is still a downtick if it hadnt; printed at 10. As soon as it prints at 10, then 10 1/8, 1/8/ 1/8, the 1/8 is an tuptick. Do not use SOES to short a stock. The NASD's audit system is not that great if barely existent, but they will find you out. Regards, Steve@yamner.com