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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: Ron McKinnon who wrote (49677)11/2/2003 11:41:50 AM
From: DanZ  Read Replies (1) of 53068
 
Thanks, Ron. I read an article a few weeks ago about eliminating the downtick rule on select large cap, actively traded stocks. I think they also proposed that the NYSE go to a bid test rule for short sales, which is what is used by Nasdaq. Currently the NYSE uses a last trade test. A short sale on the NYSE is valid as long as the last trade is higher than the previous trade. It isn't based on the bid price like on Nasdaq. I'll post a link to the article later if I can find it and someone hasn't already posted it. A company the size of GE, INTC, or CSCO would probably qualify. I agree with loosening the rules on stocks such as those because it is very doubtful that anyone has enough capital to manipulate them. Just like they are loosening the rules on some stocks, I think that they should tighten the rules on others. I agree that it would be very difficult to enforce in cases where someone has multiple accounts, but at least some people would respect the rules if they were in place, and they could still get caught if someone pulled their trading records. As it stands, I don't know of any rule (doesn't mean it doesn't exist) that says a person with a net short position can't dump their long position on the bid even though they might be doing it with the express purpose intent to try to force the price down.

Y'all have a nice afternoon.

Dan
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