Today at 3:57pm, I tried to shortsell a 1,000 shares of XYZ at market. 500 of those were filled at 15.39. The other 500 was not filled. I asked the broker why because it was put in at market. They stated that there was no uptick between 3:57pm and 4pm. I thought that was strange because there were many trades at 15.40, 15.41 etc. As a matter of fact, it closed at 15.40. So, I think that there must have been an uptick between 3:57 and 4pm. OR Am I misunderstanding the uptick rule?
Just make sure the uptick was on the bid and not the ask. Is it a very liquid stock? Just name it, it won't matter if people know what it was! A few weeks ago I bought TXN puts and then when I was selling for a small profit I put in an order at 1.7 vs. bid of 1.5 and ask of 1.6. The price never went to my order the whole day and then just before markets closed and without the options or stock price moving, my order was mysteriously filled above the market. I cannot complain since it was in my favor, but very strange indeed, I have never understood how that happens. http://lauristonletter.blogspot.com/
Thanks for your response. Here is the factual information. Today at 3:57pm, I tried to shortsell a 1,000 shares of AZPN at market. 500 was filled at 12.95. The other 500 was not filled. I asked the broker why because it was put in at market. They stated that there was no uptick between 3:57pm and 4pm. I thought that was strange, because there were many trades at 12.96, 12.97 etc after 3:57. As a matter of fact, it closed at 12.96. So, I think that there must have been an uptick between 3:57 and 4pm, because there were transactions that traded above my first fill. OR Am I misunderstanding the uptick rule?
I replied to you privately by email, so you can delete your post here if you want. I personally have never had a problem shorting but that is because I usually go for big caps and ETFs and they are very liquid and some of the big caps are except from uptick rule even since last year I think. But shorting nowadays is pretty straight-forward for most stocks, of course just be sure you are shorting something that will make you money!!!!!!!!!!!!! I better not get into that as it is a long long debate.... and have your stops and obey them!! Good luck in your money making