I like it as well, as I short into strength and not weakness. But really a very stupid rule when you consider it. God help a stock the next morning if it has tanked 10% the day before. There could be massive shorts hitting the wires and slamming it down another 10% at the open. Just one more of many examples of our highly paid bureaucrats at work.
From what I've read the uptick rule would apply to a stock the following day as well... Just an FYI... -Guru
All the whining and bleating from those against any kind of shorting rules remind me of the crowd of nitwits that were against controlling SMOKING in public places. No Uptick rule for me Sonny, I like to bang 'em!!
Thanks, I stand corrected. It is the next day as well. Which leaves anyone on the third day able to short at will. It could make for some interesting looking charts.
Let's do the opposite then -- can't go long a stock up 10%. This is an asinine rule. Protect companies that may be overvalued with a 10% drop and not allow further erosion of price.
So, lets see if the smart guys can play the short rule in their favor. 10% SELL OFF, short bann....all most like lock limit in futures. So, can one just buy the "Lock Short" and play the bounce.... Not sure of the rules.....if 10% sell off in the stock..is it 'not shortable? for the day, hour, 15 minuets. Man, seems like some Quants are gona have a fun time picking off shorts ..or collecting nickles by getting long 'stocks' at the "10%mark. However, I doubt it because that would be a gift....and the GOV isn't looking to give gifts .... In fact the GOV is going after WALLSTREET hard.
Ya'll are so fos I'm not going to even comment on the stupidity displayed here. They don't pay me enough to wise you up.