No shares available for shorting?

What does it mean if my broker (Scottrade) gives me a message that reads "Currently, there are no shares of BAC available for shorting."

Got this shortly after open this morning.

Was it the stock conditions or the broker service that caused this?

 

It means they don't have anymore shares to lend out.

 

Would this be different with a larger broker?

 

Yeah, larger broker would have access to more shares

 

Yeah, larger broker would have access to more shares

 

Remember that with a larger broker, its "more likely" that you'll find the shares to be loaned to you, its NOT a guarantee that you will.

 

Yup, and even if they do loan them to you, if it's a tough borrow, they're going to charge you higher rates.

 

the don't want to get busted for naked short selling...

 

also, some brokers are known for having a better selection of stocks to short.

BAC is not a penny stock, but if you ever want to short a penny stock many brokers will not let you short them at all.