Stock Pros: Need some help here..

[NeoConsSuck]

I just shorted SBGI on my online account. I never shorted a stock before. When I want to cash it in, do I just sell it?

The account is at Ameritrade.

Thanks for any help!

[Worst Username Ever]

1. You need a margin account to short a stock. Do you have one?

You will be selling the stock first, then buying it back later.

[NeoConsSuck]

2. Yes, it has already been shorted..

not much, 100 shares, but every little bit helps.

Do I just close my position the way I would an ordinary trade?

[Worst Username Ever]

5. You will need to "buy to cover"

[Nite Owl]

3. There should be an area that says

'Buy to Cover'.
When you short a stock you are actually selling a stock that is borrowed from an account by your broker. You are buying somoneone elses long and returning it to them at a lower price and collecting or paying the difference. It turns around and goes up you pay, it goes down and you want to cover it they pay you.

[On the Road]

4. I Can't Trade Shorts

because I only have a 401k account. (Isn't there an option on the Ameritrade "Portfolio" screen for covering the short?)

But I do have a comment: Don't hold it too long. Set a target and stick to it. There is about 4% short interest in SBGI now, which is a lot. The first positive bit of news which causes the stock to rise will have all the shorts scrambling to cover. It can shoot up in a hurry and you can lose money.

Just a word of caution. Good luck. Wish I could participate.

[NeoConsSuck]

6. Yes, there is the option..

I went back there and saw it. Thanks everyone for your help.

For my long positions, there is a buy/sell links.

for the short, there is a short/cover link.