Illegal Short Sale Debacle - HELP!!

Discussion in 'Order Execution' started by Marc to Market, May 7, 2004.

  1. mark1

    mark1 Guest

    whoa , nice people still exist ,
    wake me up :p
     
    #31     May 10, 2004
  2. LiL"C"

    LiL"C"

    It's always good to be lucky.
     
    #32     May 10, 2004
  3. Are you over-leveraged? Being able to cover margins doesn't always mean you properly leveraging your account. Aside from that, my best advice is to cover ASAP. Your risk/reward ratio on this trade is extremly unfavorable. You must live to trade another day if you ever plan to make it.
     
    #33     May 10, 2004
  4. Turok

    Turok

    You must read the thread and pay attention if you ever plan to be of any help.

    JB

     
    #34     May 10, 2004
  5. congrats on covering for profit...

    do you think you should split any profits with MACD_addy.....and give Baron a cut for starting et.com where you can get such valuable advice for free!??! :p

    Just think what a securities lawyer would have charged for that same info! :eek: :eek:

    jmho :p :p

    IcE
    :cool:
     
    #35     May 10, 2004
  6. I read the thread quite well thank you. My input was based on experience and personal opinion. Just like a trade, you never know who will be right, but I prefer to cut my losses.
    Based on the rules I've traded successfully, I would fade Turoks trades without question!!!
     
    #36     May 11, 2004
  7. something simliar happened to me before in the bubble days w/etrade

    their trader confirmation was soo slow that i pushed in two sell orders for UBID. i did not have a margain account. the broker called and said i violated something or another, and they are going to purchase the shares back. i was like okay, and it wasn't your software that caused it? the person hung up. but next day UBID went up 10% when the stock was repurchased. i lost big on that transaction.

    bastards.

     
    #37     May 11, 2004
  8. Mecro

    Mecro

    Congrats on the cover.

    All this nonsense over a bullshit thieving overdated rule.

    It's like the uptick keeps half the jobs at NASD.
     
    #38     May 11, 2004
  9. I heard lots of confusion about the short sale rule here. I thought I knew the rule but this thread has given me second thoughts.

    Maybe some of the really knowledgeable people that contributed here might just sum it up giving examples.

    The SEC spells out the rules but does not really address real life questions such as those posed here.

    For example, the difference between NYSE and Nasdaq wrt offering a stock short, limit "marked short" below the current best bid. My understanding has been (I use Redi+) that for NYSE this is ok.

    Also I have assumed that stocks designated HB were fair game to offer short so long as your broker can locate the stock. I find that even if the stock is HB, they seem to be able to locate it sometimes, and sometimes not. I simply offer it and find out. your help is appreciated.
     
    #39     May 11, 2004
  10. Dude, glad to hear that everything worked out for you!


    MACD:)
     
    #40     May 14, 2004