HELL'S YEAH!!! (Good way to keep newer traders out of the business, which is, of course, bad for the rest of us...)
Good points about trading SSFs but back to the original question: does going long on a stock plus selling SSF contracts add up to a bullet? Also, would a broker recognize this as a net neutral position from a margin requirements perspective?
when there are no short sale rule? You can go short an SSF on a downtick, there is no uptick rule, there is therefore no reason to have a bullet, at least none that I can see.
There would be fewer reasons to want to be long a stock and short the SSF of the underlying, but SSFs will only be available for a small number of stocks.
The bullet is for someone trading the stock. Obviously you won't need a bullet for trading SSFs. There may be still reason for trading stock over SSFs. E.g., the stock has lots of liquity but the SSF doesn't. There may be other reasons for staying with the stock.