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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Tie Zeng who wrote (25939)	11/13/1998 4:19:00 PM
From: cellhigh	Read Replies (1) \| Respond to of 164684

glenn..i must add that ktel,imo is a much better short, if you must play with matches.

To: Tie Zeng who wrote (25939)	11/13/1998 4:20:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

Do you think AMZN short is better than KTEL short ? If not, why don't you close the AMZN short and keep the KTEL shorts. Tie, I believe KTEL is a better short than AMZN. We all sometimes have problems and my problem was the account in which I located shares. I paniced on the rise in KTEL and went long against the box and then later boxed again. I exceeded trading power in that account and their rule is a liquidation in place of a restriction T if the dollar amount is not met for 24 hours. They would not permit the transfer of the short shares via an ACAT. I do not want to unwide some other position to meet this call. Therefore, I chose to close and to look for shares at one of my other accounts. I could not find any today. I may find some on Monday if I get lucky. I also wish to add that my plan initially was to close this accout last week. I had closed all positions and was waiting for settlement to pull out the remaining funds. I made the short trade due to the fact they were the only place with shares. This firm is just branch of a bank and charges full service fees but most of their people are very poorly trained. I had problems with errors they made numerous times and that was the reason I was closing in the first place. The request for the full funds on a Restriction T is was above what the SEC manadates. The SEC mandates that if one does not meet this call, they are restricted to trades for 90 days that one already has the cash in their account. One cannot buy and send cash later. The PNC request for the funds or a force to close the positions rather than just placing the account on restriction was the final straw. There was/is pleanty of equity in the account to hold the position and being placed on restriction that account wwould not have been an issue. Monday I start searching for KTEL shares to short and I will keep my AMZN short. Glenn PS I made a huge error the day of the Microsoft annoucement. I did have 1000 shares short already at DLJ but I was afraing KTEL would go higher. I made the error of closing the short rather than going long against the box to preserve capital. I then tried to get the shares to short Aagain when KTEL was at 33 with no success. Someone stole my borrowed shares LOL.