Go to Jeff Salisbury LWGate Home Page.From: Ian <ianstm@shaw.ca>
Subject: Re: [CANSLIM] Shorting
Date: Wed, 28 Aug 2002 20:50:07 -0700
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About 10 days ago, I put in a short sale order on a stock at market when I was getting a quote of $29.25 bid X $29.30 ask. I saw several trades go by at $29.25 after my order was entered - so I assumed I was filled at that price. But they dropped the price to fill me at $29. There were definitely no ticks below my fill price.
I have seen this kind of thing happen a few times too.
These kind of personal observations are why I assumed that there was no uptick rule on the NAZ (I've never seen this happen on the NYSE).
Ian
----- Original Message -----
From: Edward W. Gjertsen II
To: canslim@lists.xmission.com
Sent: Wednesday, August 28, 2002 6:59 AM
Subject: [CANSLIM] Shorting
The rule for shorting: NYSE, NASDAQ, AMEX - you can only short on an uptick or zero tick. The only issues you can short without this rule are the popular ETF's - QQQ, SPY, DIA, et al. This rule was implemented in 1938 to prevent "bear raids" from occurring.
Ed Gjertsen II
ed@macktracks.com
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<DIV><FONT size=2>About 10 days ago, I put in a short sale order on a stock at
market when I was getting a quote of $29.25 bid X $29.30 ask. I saw several
trades go by at $29.25 after my order was entered - so I assumed I was filled at
that price. But they dropped the price to fill me at $29. There were definitely
no ticks below my fill price.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>I have seen this kind of thing happen a few times
too.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>These kind of personal observations are why I assumed that
there was no uptick rule on the NAZ (I've never seen this happen on the
NYSE).</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Ian</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A href="mailto:ed@macktracks.com" title=ed@macktracks.com>Edward W. Gjertsen
II</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:canslim@lists.xmission.com"
title=canslim@lists.xmission.com>canslim@lists.xmission.com</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Wednesday, August 28, 2002 6:59
AM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Shorting</DIV>
<DIV><BR></DIV>
<DIV class=Section1>
<P class=MsoNormal><FONT color=blue face="Times New Roman" size=2><SPAN
style="COLOR: blue; FONT-SIZE: 10pt">The rule for shorting: NYSE, NASDAQ, AMEX
– you can only short on an uptick or zero tick. The only issues you can
short without this rule are the popular ETF’s – QQQ, SPY, DIA, et
al. This rule was implemented in 1938 to prevent “bear raids” from
occurring. </SPAN></FONT></P>
<P class=MsoNormal><FONT color=blue face="Times New Roman" size=2><SPAN
style="COLOR: blue; FONT-SIZE: 10pt"> </SPAN></FONT></P>
<DIV>
<P class=MsoNormal><FONT color=blue face="Times New Roman" size=2><SPAN
style="COLOR: blue; FONT-SIZE: 10pt">Ed Gjertsen II</SPAN></FONT></P>
<P class=MsoNormal><FONT color=blue face="Times New Roman" size=3><SPAN
style="COLOR: blue; FONT-SIZE: 12pt"><A
href="mailto:ed@macktracks.com">ed@macktracks.com</A></SPAN></FONT></P></DIV></DIV></BLOCKQUOTE></BODY></HTML>
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