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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (4208)	2/18/1999 1:45:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Well, I think i've seen it all...let me tell you why...we just had probably the funniest moment in here in months...I'm eating lunch, I look up to watch CNBC and on TV is Daniel Miller. Daniel, many may know, is a young trader. Daniel also spent several weeks working for us last year as an intern. He's a sharp, hard working kid who clearly has his eye on big things. Anyway, I look up and there is Daniel on TV. He's advising his principal on his pension plan. Way to go Daniel! Just make sure you hold out your top picks until you get your report card..you get C's they get the garbage...a couple of As and give them the blue chips! Anyway, Small world! Congrats Dan!

To: steve goldman who wrote (4208)	2/18/1999 5:32:00 PM
From: jlib	Read Replies (3) \| Respond to of 4969

More "short" questions... Steve, I'm curious about something that happened today. I have a short position in PRFM (Perfumania). I had put in a limit order to buy to close half of my position at 4 1/4 (I can't actively monitor my Schwab account in the afternoon so did that just to catch any extreme dips). Anyway, the low bid for today was 4 1/4 yet my buy order was filled at 4 1/4 in mid afternoon. So, basically I bought at the bid. Is that correct? If for a brief moment the ask came down to take me out shouldn't the bid then be a fraction below 4 1/4? There is no problem with what happened, just curious about the technical details of how I was able to buy at the bid. Secondly, when I shorted PRFM it was a marginable stock. Now it is tagged as non-marginable (and non-shortable) at my broker. My question is about short shares that transition to non-marginable status. I know that they originally resided in someone's margin account. Now, if the original lender gets a margin call and just ups the equity percent to 100% with cash instead of selling off any of the shares do I still get to keep the borrow or am I in danger of having them called back because they are not sitting in the margin side of someone's account any more. Thanks for any comments! Jimmy Liberato