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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (53231)	3/17/2000 2:27:00 AM
From: LPS5	Read Replies (1) \| Respond to of 122087

Maybe you just thought they were downticks. Or, maybe your broker lets you do that. Either way, I pointed out the differences between SC's and NM's. But your second statement is not so much oversimplified as plain false. I believe you may be underplaying the issue due to embarrassment, after our previous margin argument. That is unnecessary, though. We are all make mistakes, and I don't think I'm the only person coming here to learn (and, once in awhile, teach, as well). The uptick and bid test rules are not merely a "semantic" issue; they are substantively different regulations. A) One, the uptick rule, deals with exchange listed securites and has to do with where previous prints were. A short sales can only be initiated on a plus or zero plus tick. 20 20 20 1/4 <---That's a plus tick. Short here. 20 20 1/4 20 1/4 <---That's a zero plus tick. Here too. 20 20 1/4 20 1/8 <---Thats a downtick. No short. B) The bid test rule is for NASDAQ securities, and has to do with both a) the width of the spread and b) the price at which the short sale can be made in terms of the bid price. If ABCD is 20 X 20 1/4, the spread is 1/4, so the lowest a short sale could be entered would be at 20 1/16. If ABCD is 20 X 20 1/32 the spread is 1/32, so a short sale could be executed at the bid, 20. The differences are readily apparent. LPS5