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To: Phil(bullrider) who wrote (994)	3/6/1999 12:58:00 AM
From: Greg Jung	Respond to of 6531

Phil you can box a stock and be neutral in plans to go short. Then when you decide to go short, you sell the long. Saves having to wait for an uptick or to find shares to borrow - I think you can borrow shares ahead of time this way. Otherwise by the time it is best to short the supply would be limited. Greg

To: Phil(bullrider) who wrote (994)	3/6/1999 12:09:00 PM
From: Keith A Walker	Read Replies (2) \| Respond to of 6531

Phil, Good question: Why not simply sell, as you know you can always go long anytime you want to. By shorting against the box (the equivalent of buying a put) I protect my downside, don't take a loss on my long position, and cover when I feel that the stock will pop, hopefully not too late so I don't take a loss on the short leg of the box. I believe it is neutral to margin requirements, so it is a short-term way of raising some cash. Someone else correct me here if I am wrong. My broker at Merrill actually thinks this is a fairly smart manuever, but, hey he does well because of the trading activity. It gives me peace of mind, and I don't have to race time with a put. Any other comments on the overall tatic of shorting against the box?