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« Market Breadth | Main | March 24th Blogger Poll »

Comments

I have been following the problem since 6 July and started a post on IBD thread on 2/12/08. The more people that recognize it and complain about it, perhaps the SEC will do something to level the playing field. It don't have to be the same "uptick", but something needs to be done as short sellers have a free license to steal from investors.

I think abolishing the uptick rule has caused me to lose about $12,000 since it took place in NOVEMBER of '07

I think that your organization is working only with the hedge funds rather than for the goo of the economy and the market.

PLEASE REINSTATE THE UPTICK RULE FOR PUT OPTION TRADERS.

PLEASE REINSTATE THE UPTICK RULE FOR PUT OPTION TRADERS. THANKYOU

"In essence, short sellers are now able to sell stock that did not previously exist"

The stuff here is normally pretty spot on and well researched but that post above is just at best naieve and at worst totally false.

It works the same way only instead of waiting that extra 5-10 seconds to get a fill, you can get it immediately. On occassion when a stock is getting hammered you might have to wait a bit longer but there are hundreds of upticks in stocks each day even the ones that go down 50% in a day. Pull them up and look at them. Its penny increments. Upticks everywhere, Dowticks everywhere for that matter.

The SEC studied this issue at great length and numerous papers have been written about this. Some in great depth.

With the advent of decimal trading, ECN's, Dark Pools, and algorithim trading the uptick rule didn't do much anyway but with new strategies like 130/30 and portable alpha stategies it was increasingly clear that the strategies were being penalized by that archaric rule.

As it was the nasdaq rule was less restrictive than the NYSE's so more volume was flowing first to Arca, then to dual listings on other exchanges.

Reg NMS further complicated compliance because not every market center had the same "up tick" requirements. Hitting someone with a less restrictive policy, gives someone a potential advantage of the other person that chooses to send his order to say super dot.

As to the conclusion that it has something to do with the decline. Correlation does not imply causation.

Anyway, I would suggest the author of that post read:

http://www.crestmontresearch.com/pdfs/Stock%20Volatility%20Return.pdf

http://www.sec.gov/rules/final/2007/34-55970.pdf

Particularly the latter one in full so they understand why the change was necessary given the financial innovation that has taken place the last few years.

If they changed it back the market wouldn't be any higher than it is now. Uptick rule or not the market is going to go where its going to go, it did in 2001 and it has this year as well.

What should they change it back to anyway? Should the nasdaq way be the standard or the NYSE....or both? (higher bid or higher print?).....

for that matter why a penny....maybe they should make the minimum increment a full nickle that has to be better than a cent. I say no shorting unless the stock is atleast a nickle off the low of the day.

How's that?

Seriously......read some of the papers the SEC commissioned on the subject, they don't go around removing reglations that old with good reason.

This is one of the biggest scams that has ever been put upon the investing public. Allowing a free hand at bear raids is stupid as a bag of hammers....one of the many that have been blessed during the Bush admin. It's right up there with Ethenol subsidies

Hmmm, have we had insanely large percentage declines on a daily baiss? weekly basis? monthly basis?

No we have not. To say that removing the uptick rule has increased volatility is laughable. The simple data doesn't support it.

I also find it laughable that people say they have been "fleeced" because of short selling. Hardly. They have been fleeced becasue they made poor choices by keep money in companies that took too much risk.

Some things never change. Everyone wants to blame politicians (they are dirt bags for the most part), but hello - they are elected by the people and for the people. They are a reflection of us. Fat? Dumb? Greed? Incompetent?

Look in the mirror, those of you complaining and see the dumb fatass saddled with debt staring back at you in the mirror.

"We have met the enemy and he is us."

I'd also add - look at China where short selling is illegal. Their market is down 50% in 6 months.

Look at the 1929-1935 period - market down 80% and there were vvvvvvvvvery few shorts.

When everyone is on the same side then their is no natural buyer for the sellers (longs) to sell to.

Be careful what you wish for... and don't forget to take responsibilty for yourself.

no one remembers Lehman. Who killed the stock price? Who killed the bank prices. WE need the uptick rule to help the small investor. Hedge funds made billions. I hope they all fail.

yes....please reinstate the uptick rule

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The English words "economy" and "economics" can be traced back to the Greek words οἰκονόμος "one who manages a household" (derived from οἴκος "house", and νέμω "distribute (especially, manage)"), οἰκονομία "household management", and οἰκονομικός "of a household or family". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in more general senses including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.

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Nice post. I've been trying to catch up on some of the events and happenings since I landed on the island. Are you sure about Visser not getting a lot of votes.
What is your footnote a reference to? The asterisk is missing from the main body of the posting.

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Nice post. Its always better to think before investing money in stock market. Investment should be done in share market but with the aim to increase our funds so speculation should not be the mode of investment. Investors should know why they are investing money in any stock.
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I am glad someone is talking about this debacle. The change of the short uptick rule was the biggest reason for our recent market downfall and volitility. I think it is the people who made the decision to change this rule who should be under investigation!!!
I would not be a bit surprised if some big short fund was tied to the change in some way. I think if it were not for the change in this rule, the market would not be down as tremendously as it is and this story does not get the attention it deserves. I think the change was just as much a factor in the recent market downfall as any of the negative doom and gloom news. Sureshot Tips || Option Tips

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