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Strategies & Market Trends : Steve's Channelling Thread

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To: William B. Kohn who wrote (15613)	5/10/2001 7:31:10 AM
From: Mark Ivan	Read Replies (1) of 30051

Bill, Just to clarify this so I make sure I understand. Saying "Bids aren't upticks" is really an ambiguous statement. The rule on shorting is that you can only short on an "uptick". This means that there has to be an uptick on the bid side. Example: You currently have a market order in to short a stock. The current Level 1 quote is 6 X 6 1/4 and we are on a bid downtick. Your order would not execute. Now, some MM comes in and offers to buy some stock at 6 1/8. The Level 1 quote would jump to 6 1/8 X 6 1/4. The bid would now be on an uptick and your order would fill at 6 1/8. Thus, you DO sell at the bid; you just had to wait for the uptick on the bid. Think I got this right. Anyone, please correct me if I am wrong. Mark

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