Quote from Landis82:
"Coming back to the Uptick Rule or banning all short selling will actually hurt investors all across this country because short selling creates more liquidity as long as the people who sell short are economically involved in the transactions and stand to lose as well as to gain."
- - - Harvey Pitt
I'm sorry, but Pitt is about as dense as current SEC Chairman Christopher Cox is in regards to the "uptick" rule. Re-instating the "uptick" rule would SLOW the markets down and allow people a chance to "process" the price action that they are seeing. Right now, the VELOCITY of the moves on the downside are at such a high rate that people are unable to "process" what is going on.
I'm not a big fan of Jim Cramer, but he is spot on about this issue and as it pertains to the Ultra-Bear ETF's, etc.
Pitt and Cox are incredibly ignorant.
That's why they can't even begin to fathom that SLOWING down the VELOCITY of the market will allow an opportunity for price discovery . . . When the market drops over 200 points in 7 minutes just before a week ago Friday's close, there is no chance in hell for price discovery, or for money managers/investors to be able to "process" what is going on.
Pitt and Cox are CLOWNS.
