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Strategies & Market Trends : Sharck Soup
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To: Rande Is who wrote (36206)9/28/2001 8:36:51 AM
From: Jim Spitz  Read Replies (1) of 37746
 
Rande,

I am sorry you feel that way, but I must respectfully disagree. While it is true that average US citizens whom only have domestic accounts cannot short naked, there are those in the US who can short naked and do so repeatedly. They are called Market Makers. The MMs do it all the time. They do it after having their puppet analysts put out BUY recs at outrageously high valuations. They did it yesterday, they will do it today and again tomorrow.

Much of the current drop is due to several factors. The economy had been slipping for some time now, the bubble burst last year, and now the Terrorist Attack just aggravated the situation and accelerated its momentum. A lot of consumer confidence had been waning before the attack. The public had been moving from stocks to bonds heavily for a couple of months before the attack.

What we need is not the ability to keep foreign brokers from naked shorting, rather, what we need is the same ability to naked short as the MMs. You are playing right into their hands with this petition. The MMs would love to be the ONLY ones who can short naked because it would give them a HUGE advantage in the markets over EVERYONE else, just like it gives them a huge advantage over the average US citizen right now.

Please consider this.

Just my opinion.

jimS
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