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Strategies & Market Trends : DAYTRADING Fundamentals
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To: cloudless who wrote (5961)12/11/1999 6:41:00 AM
From: Mama Bear  Read Replies (2) of 18137
 
" It didn't occur to me that if the bid was 34 5/16 to put a limit in at 33. "

If you used a limit of 33, the order would not appear on the offer until the inside dropped to at least 32 15/16 x 33, assuming you didn't get an uptick during the interim. Instead of thinking about a moving stock, let's try the example on a static price. You want to short WXYZ, and the inside has just dropped from 10 1/8 x 3/16 to 10 1/16 x 3/16. You can't sell short at 10 1/16, because it's a downtick. However, you may enter a limit order of 10 1/8, which will change the inside to 10 1/16 x 10 1/8. If someone chooses to take your 10 1/8 offer, you have made a legal short sale. Also, please be aware this is a Nasdaq rule, and that the listed uptick rule is different.

Regards,

Barb
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