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To: Mandinga who wrote (32027)	1/1/1999 12:17:00 PM
From: Glenn D. Rudolph	Read Replies (3) \| Respond to of 164684

Would you gentlemen be kind enough to explain me how the "boxing technique" works? I have no idea what you're talking about. Thanks Mandinga (Pardon my ignorance) Mandinga, Boxing is just having an equal number of long and short shares of the same stock in your brokerage account. The long shares are stored in Type 1 which is cash or Type 2 which is margin. The short shares are stored in Type 3 which is the short part of your account. If at anythime you sell some of your long shares, you are net short or if you buy more long shares, you are net long. The advatinge is you do not need to locate shares to short to be short immediatly and you do not need an uptick although that borders on violating an SEC rule. The position you created is technically called short against the box. Most brokeragae houses only reguire 5% of the equity to hold the position since when you are boxed there is no risk of a gain or a loss. Glenn