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22-Jul-08
Hey thinkorswim, I want to do some naked shorting!!!
I was pretty unimpressed with VMWare's (VMW) second-quarter earnings results and forward guidance and so I wanted to take a small short position in after-hours trading.
To me, VMWare is now on the slippery slope of declining analyst estimates, a trend I see lasting given the slowing economy and Microsoft's (MSFT) willingness to use price as a weapon. So I enter a small order to short VMW to my broker thinkorswim, and the following message came back:
REJECTED: This stock is not available to borrow.
I could call thinkorswim's trading desk to see if they can locate the stock but I'm going to hold off for now. I'm just too offended that I wasn't allowed to engage in naked shorting that I'm going to leave my trading turret/coffee table to eat a pint of Ben & Jerry's.
Posted at 14:26 in External Blog | Permalink | Comments () | Top
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