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Strategies & Market Trends : SOES Trading
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To: Hillary Thomas who wrote ()8/26/1998 8:08:00 PM
From: Fasttrader  Read Replies (2) of 1618
 
Well folks,

This is the beginning of something very bad. As of today, the SOES industry has changed as we know it. For those that do not know, the NASD has made it impossible for traders to sell stocks on a downtick. Previously we were able to do this by maintaining hedge accounts. Long 1000 shares Short 1000 shares and sell against the hedge. Now that has been eliminated. This is the worst thing that could have possibly happened and I am surprised no one else has spoken about it. If this persists day trader volume will dry up significantly. You will only be able to play upside scalping using SOES and and ECN. You will not be able to perform downside scalping. Instead to play the downside of the market you will have to play market maker or wait for an uptick. This is a time for the SOES traders to unite and let their voices be heard.

Sincerely,
Dan Mirkin
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