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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Jay Lyons who wrote (6421)	1/14/1999 4:21:00 PM
From: Mao II	Respond to of 43080

Jay: I look at it this way: Tomorrow I may miss only one incredible opportunity. M2

To: Jay Lyons who wrote (6421)	1/14/1999 4:26:00 PM
From: Dave Shares	Respond to of 43080

DBCC, EGRP It is 5 below and snowing here. I had to leave for an hour or so, and did not want to close my short positions in the choppy market, which was a bit of a gamble on my part. I closed DBCC near the close at 31 3/16 (entry 32) after shorting it for 2 points at the open (I am more of a risk taker than Jay, so after it moved up following the open, I stuck with it in anticipation of a market reversal). EGRP I was too much of a pig on, I could have covered the third time for a point, I settled for getting out with enough to cover the commission. But since I got 12 points on the first two tries, I'm more than satisfied. By the way, for what it is worth, while I make a lot of mistakes, I will note that when I was watching the pre-open, the futures had already peaked and were moving down (though positive) and this was the signal I used to short EGRP and DBCC at the open. EGRP was a 4 point gapper which I thought was totally bogus, and I think the stock is totally bogus, and if I had real guts, I'd just hold the short position because the stock will eventually go to 60 (pre-split) or lower, in my opinion. But being mostly in cash, I'll sleep better, because who knows what the market will bring tomorrow. David