Peter, I am not going to even address this, because as far as all my studying etc, has taken me, you don't simply need an upbid, you need an uptick.
Datek, others, sure you might get away with it, but ultimately it is you ass on the line. They will lose liscenses, be censured, fined, etc but the SEC, NASD can and will come after you especially at one of these firms where you 'execute' the trade. They might just break your trade and leave you long some disaster since you thought it was going down.
Don't violate the law, it aint worth if for a few bucks.
I would love for someone to post some NASD /SEC code about this upbid as I have seen it a few times on here but do not, given my current understanding, believe it.
One of the reason is that 1) cant soes short and 2) you can enter SNET orders or other routing orders as SS1000ABCD10 and then let market makers taking your offer worry about the uptick.
Regards,
Steve@yamner.com |
