SEC's Restrictive New Short Sale Proposal --- NOW is your only chance to influence it

[slapshot]

Quote from progressseker:

or I won't vote for Obama in the next election!

It is because people like you voted for NoBama in the first place that all of this business-killing, bureaucratic porkfest is happening.

That and the worst liberal, idiotic congress in history is now unchecked.

It will take 20 years to undo this damage of the last 3 years of Democrat majority and now you fuckers gave them the keys to the national vault to be looted by voting for that Soros-puppet charlatan.

WTF did you expect?

 

[samueldoernte]

might have to buy bullets again, as for market neutral guys, you just short first, when trading pairs you are trying to execute the hard side first most of the time anyways, except when the market movement favors the other side. With uptick or this new BBO rule, short side is by default the hard side.

 

[LEAPup]

Quote from slapshot:

It is because people like you voted for NoBama in the first place that all of this business-killing, bureaucratic porkfest is happening.

That and the worst liberal, idiotic congress in history is now unchecked.

It will take 20 years to undo this damage of the last 3 years of Democrat majority and now you fuckers gave them the keys to the national vault to be looted by voting for that Soros-puppet charlatan.

WTF did you expect?

Agreed 100%!!!

 

[LEAPup]

Quote from samueldoernte:

might have to buy bullets again, as for market neutral guys, you just short first, when trading pairs you are trying to execute the hard side first most of the time anyways, except when the market movement favors the other side. With uptick or this new BBO rule, short side is by default the hard side.

Ammunition, primers, powder, etc., are hard to find, and overly expensive if you can.

I told some of my Clients with a large cash reserve to buy ammunition, large capacity magazines, and military-style rifles three+ years ago knowing this was coming. The one's who did are now singing praises to me. The one's who didn't...:eek:

Ronald Reagan would be flipping out right about now if he were alive.

All I want for Christmas is my Country back...

 

[gkishot]

I hope that they will let the short-sellers sell at market price at least twice a day: at MOO and MOC.

 

[seasideheights]

Quote from Robert Weinstein:

I find it interesting that there are traders that have posted that not only are they not against the SEC proposal but would actually be in favor of it. (I am not trying to attack anyone. I do think that perhaps some of the opinions where shot from the hip and by people who may not do a lot of trading from both sides long and short)

Firstly and this is perhaps the most important point of this debate is that all of the proposals including the one the SEC has pushed into the front is a ban ONLY on YOU. Not the market makers, Specialists, or option market makers.

So the whole idea that this is a ban on short selling is ludicrous at best and will most surely hurt (retail) day traders both long and shorts in favor of market makers.

With this so called "ban" in place the next time you want to short a stock you WILL get in line after the market makers get their fill first.

You don't short stocks and only trade to the long side? Well sorry but don't expect much of a change one way or the other. You should have no opinion that this ban will aid your trading in any way. If you do you have most likely based it on zero public evidence (I would welcome someone to show some evidence that a ban would be good for anyone OTHER than market makers)

Some say that Bear and LEH went down due to "bear raids" but I would argue that they went down because they went broke (and I lost a bundle with being long LEH so I remember that one well but I sure as hell don't blame shorts for either my loss or that LEH went BK)

I think its a very scary thing to turn the clock back and allow for more manipulation by the big money on Wall St and suggest that we let the SEC know that we want to keep the playing field as level as we been able to so far get it. Don't turn yourself into a second class citizen with stocks. Ask the futures traders if having shorts is a bad thing. After all every single futures contract has a long and a short.

Thanks for reading my opinion on this and I wish you guys the best in trading.

Robert

Great post Robert. Could send something like this to the SEC link in the first post of this thread?

 

[zboy2854A]

I wouldn't get too exercised about all of this. If one studies history both in the U.S. and other countries, you will see that during severe economic downturns, short sellers have always been vilified, and measures enacted in the interest of trying to shut them down.

But inevitably those restrictive measures end up getting rolled back later when the markets collapse under the weight of their own fundamental weakness anyway, and the regulators realize that the absence of short sellers has removed one of the first lines of buyers when stocks are falling.

The wheel of history is nothing, if not predictable.

In the meantime, understand that nothing any of us says will stop the SEC from enacting these measures, it's just window dressing asking for "comments". Just prepare to deal with it in the meantime, whether it means putting in your short sales as limit orders and waiting for the market to move up into them, or concentrating on futures, or what have you.

Just remember, this too shall pass.

 

[gkishot]

Quote from zboy2854A:



In the meantime, understand that nothing any of us says will stop the SEC from enacting these measures, it's just window dressing asking for "comments".

Judging by how they drag their feet I am pretty much under impression that they are reluctant to do so. I personally believe that they must act based on the principles of the free markets and the issue is not for referendum. The fact that they are asking for the public comments just proves that they are wavering to make decision on their own and they are rather under enormous pressure to do something.
I could not see even the clearly stated objective of the change in their proposal.

 

[progressseker]

Quote from slapshot:

It is because people like you voted for NoBama in the first place that all of this business-killing, bureaucratic porkfest is happening.

That and the worst liberal, idiotic congress in history is now unchecked.

It will take 20 years to undo this damage of the last 3 years of Democrat majority and now you fuckers gave them the keys to the national vault to be looted by voting for that Soros-puppet charlatan.

WTF did you expect?

This is an idiotic statement to make. You are blaming Obama for all of the businesses closing down? I bet everyone but you knows that businesses are closing down because the banks won't lend money. If you recall this crisis began on Paulson's watch under the Bush administration. Obama is just trying to clean up Bush's mess.

 

[seasideheights]

Quote from gkishot:

The fact that they are asking for the public comments just proves that they are wavering to make decision on their own and they are rather under enormous pressure to do something.

A comment period is part of the routine process of enacting changes. The new ruling, per SEC head Shapiro, is targeted to be enacted by December 31st. The exact type of change is being discussed now, and yes, the comments DO have influence.