Short selling tick test is history.

Quote from efficiency:

Bitter?????? By the absence of a required uptick? Perhaps you might want to stick with banging out dimes rather than pop psychology, Sigmund.

I'm failing to see the benefit of the rule remaining intact. Gee, IF I saw a genuine personal benefit, why then I guess I could be eh...........bitter.

I've never found a uptick any more of an obstacle than transaction expense. I do find taxes to be quite annoying.

Conspiracy theorist? Broad brush cliche generally offered in a knee jerk response by those that can't/won't think. You know anyone like that?

This is a rigged game. Opening gaps the most basic.

That said, I posed a question, namely "why now" three times and didn't receive even an attempt at an answer. Does "it" need to be posed 5 times? A dozen times? Perpetually?

Pssst, this wasn't a gift to the scalpers of the world. The rule could have been abandoned at any point in the last 70 years. Institutions, the bulk of activity (volume and magnitude), by charter, can't short. A princely portion of hedge funds don't hedge. Combined, a "long" bias. NYSE specialists have been exempt from upticks. No everyone is flat at day's end. In fact, that's by a wide margin (again in the proper context)......the majoity. The inverted demographic pyramind as time progresses, is becoming more pronounced. All that passive 401-K money just sitting there. Slow moving prey.

Let's try this again. Would anyone (other than B1010 since he's already provided valuable information) want to speculate (in the proper context) as to WHY.............after SEVEN DECADES...........the powers to be..................have decided to abandon a rule, that apparently for some, has been a major obstacle ??????
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I guess nobody else wants to sit and dwell on the corrupt agendas of the past 70 years either. LOL!!!! Relax and move on.
 
Quote from B1010:

I guess nobody else wants to sit and dwell on the corrupt agendas of the past 70 years either. LOL!!!! Relax and move on.
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Actually I had ..............until YOU invited me back. Between the two of us, it appears YOU'RE dwelling on it. Been a week since I uttered a peep.

Never used the word corrupt. Ditto for conspiracy. Most definitely used the word agenda. I can't help it IF.............whoosh, the word goes right over your head. Stick with banging out those dimes BIG boy.
 
Banging out dimes???? Ya sometimes. I don't mind "banging out dimes" on 5K blocks of stock. But nowdays spreading my money out over 10 or 20 positions and going for points is much easier and more my daytrading style. But thanks for the compliment anyway. LOL :cool:
 
Quote from B1010:

Banging out dimes???? Ya sometimes. I don't mind "banging out dimes" on 5K blocks of stock. But nowdays spreading my money out over 10 or 20 positions and going for points is much easier and more my daytrading style. But thanks for the compliment anyway. LOL :cool:
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1. What would YOUR prowness have to do with the TOPIC of the thread?

2. Have YOU had a hard on for me for a week?????

3. Ever thought about a good shrink?
 
Quote from efficiency:

What would YOUR prowness have to do with the topic of the thread?

Ever thought about a good shrink?
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As I recall this thread was started by someone posting the news that the uptick rule was to finally be abolished. I then stated I was pleased the rule was finally changing. Then you piped in basically calling me a moron and talking about conspiracy theories for keeping the rule the past 70 years. I said I didn't care about the past. Of course there is an agenda for this rule change now and of course there was an agenda to keep the rule in place as long as they did. But SO WHAT???? Why should you care u what that is? why should I care what that is?? YOUR ARE JUST STATING THE OBVIOUS. But what are you gonna do about it??? Please tell me??? Enough big money wants the rule gone so its gone. These are probably the same people that lobbied for the change to the hybrid style market and a more electronic marketplace. They did so claiming they favored speed of execution. Now lets think real hard for a minute here.... Wouldn't taking away the uptick rule fall directly into this category by creating much faster black box executions in many situations especially in a falling market???? This might one reason of the rule finally being changed. But it might not. I really don't know.
 
Quote from flytiger:

From the SEC Website:

COMMISSION ANNOUNCEMENTS


SEC TO END SHORT SALE TICK TEST ON JULY 6, 2007

On June 13, 2007, the Commission voted to remove the tick test of Rule
10a-1 and to amend Regulation SHO to provide that no short sale price
test, including any price test of any exchange or national securities
association, shall apply to short sales in any security. The
Commission has established a compliance date of July 6, 2007 for the
changes. Publication of the amendments is expected to be made in the
Federal Register during the week of July 2, 2007. (Rel. 34-55970)
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thanks flytiger
 
this is huge for guys who move size for 2 reasons

A) For guys who move size in the market while trading you do not completely tip your hand when shorting the market, looking to get bent over buy the spec/market maker.

and

B) If you move size you know that there are certain times when you have to aid in your stocks movement by getting it through key levels, this was damn near impossible to do before without tipping your hand when you were trying to move a stock down

all in all this is excellent for traders and investors alike, as they proved that the SHO stocks tended to outperform the market, although this could just be a statistical anomally as we are referring to a limited group of stocks, never really done any research as to wether or not the SHO stocks were just generally good stocks.
 
i'm really glad that the uptick rule is gone.

BUT...

i'd have suggested they start the new rule on july 9, or 10, rather than july 6. there's plenty of people who will be off for those days, and if there are any problems, why not do it when staff is (mostly) fully back at work?
 
This is a big deal for "illiquid" stocks...
Which I define as trading 5,000 to 100,000 shares/day.
(Perhaps one third of NYSE stocks are "illiquid").

"Illiquid" stocks often spike temporarily...
For a few hours...
But are hard to short...
Because they "revert to mean" without an uptick.

Eliminating this rule...
Will probably increase my short volume by 20% overall...
And, also, give me one or two windfall trades every day.
 
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