Anyone who complains about the repeal of the uptick rule is basically arguing that they want one of their financial freedoms taken away from them. Please think what you are saying. Anyone who complains about the uptick rule causing the market downturn or causing the velocity of the moves is conveniently ignoring the fact that we are in the midst of arguably the worst financial crisis in our history. It is easy to blame the uptick rule, but what about all the crap companies who don't bother to report honest financial statements? How do you trade a company where the financials are fiction? Couldn't that be the reason that prices move so fast - because there is no rational way to evaluate them? No no, it must be the uptick rule. Blaming the uptick rule is a joke but maybe one day you jokers will get what you want and then we will all suffer from it. Giving up your own financial freedom is idiotic. And may I remind everyone that while shorting was declared illegal, the financials got HAMMERED. Damn that uptick rule!
i don't mind being called out on my bad spelling and use of English. but why don't u do yourself a favor and see what i was replying to. i am replying to his use of jim cramer and the points jim cramer has brought up with the uptick rule. jim cramer has discussed leh bear ect being around today without the uptick rule. my post had nothing about the first post I would suggest i never commented on "VELOCITY" of prices. I was just replying to this quote " Cramer deserved huge amount of credit for publicly criticizing the elimilation of uptick rule and Mr Cox "the pig".Cramer is the man!!!"" im not saying my post is any good, but lets look at 2 quotes here "cramer is the man" and MR Cox the pig. so why don't you work on your reading comprehension and get back to me if u need help i was quoting post #4
You are right on. The problem is not the uptick rule. His problem was that you didn't enforce any rules. The "naked" shorting was/is illegal. Period!!! He was asleep so someone could manipulate the market using "naked" shorting and rumor. We need someone who has no ties to any interest group and enforce the rules of the game. Trading/investing is a game. SEC should ensure the game is fair for everyone. Cox should not care if GS, LEH, you or I make or lose money. He shouldn't care about the economy or people losing jobs. As a player in the game, you play according to the current "fair" rules. You can't change or force the judge to change the rules in the middle of a game. As a trader, I don't care about the existence or non-existence of uptick rule. I only want a "fair" game.
WM and WB both went out of business when you could not short stocks. thanks for making your points better understood on paper then i ever could. i never mind when people disagree with me on the uptick rule (like optionstrader and flyingtiger) but just don't quote jim cramer and sound like an idiot. optionstrader and flyingtiger can bring up some good thoughts to the conversation
I was hoping someone would point that out. Another consideration, not every sell order is a bear going short. There are former bulls with long positions selling too you know.
I totally agree with you on the velocity issue. However, with the uptick rule, the inverse ETF or ultrashort ETF would be very cost-inefficient, and there would be a response lag of these ETFs to the "volatile" market. The management fee for these ETFs would be increased, so it would be unfair for people trading these ETFs. Because of the increase of these ultrashort ETFs in the past couple years, it is very unfair for these ETF managers as well as these ETF investors/traders. It is NOT SEC's mission to control or reduce the VELOCITY or volatility of the market.
Thank You. Incorrect. Stocks are not commodities. They are REAL companies and the SEC's mission is to not only enforce market practices that ensure "fair and orderly" markets, but also the integrity of the market place. http://www.sec.gov/answers/circuit.htm
Sounds like someone's a little slow on the keys and underwater in his long term portfolio. Dumbass. (No I didn't lose money today... which is the assumption anyone intelligent has when they see a trader bickering with/insulting people over the internet). Also, Landis, why are you insulting KeithOmalley? That dude was in Trader Monthly top 30 under 30 a while back if I remember correctly. Someone like that you want on your good side so you can pick his brain.