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Non-Tech : Datek Brokerage $9.95 a trade
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To: HighTech who wrote (13027)8/12/1999 4:59:00 PM
From: pae  Read Replies (2) of 16892
 
Inquiries I have made recently (but not today) along those lines (qqq, dia, spy) have been answered by the assertion that no shares are available to borrow. I did get Datek to acknowledge that the unit investment trusts are indeed short-able on a downtick, but Datek remains insistent that shares must be available to borrow and that the borrow-ability is an issue separate from the downtick issue.

I did some reading on the amex web site, but found nothing to counter this claim. I believe I did read that the decision to create or redeem U.I.T. shares is at the discretion of the amex specialist - or something like that. Which would give the specialist the power to control supply and demand.

Reading between the lines, I infer that the powers that be have called in all available shares of the U.I.T.s so as to hobble efforts to push the market lower at this juncture.

Cheers,
p
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