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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: CatLady who wrote (5757)	8/17/2000 4:21:36 PM
From: sommovigo	Respond to of 19428

Nope - not gliding at all. Those that do an organized short-sale are aware that the kind of selling pressure created by an organization of contemporaneous shorters will cause panic, will also cause MM's to purposefully move the price down, and as such constitutes a false or misleading appearance - on NASD short sales. Why NASD? Because, unlike on the NYSE or AMEX, NASDAQ reports short-sales (intraday) just like any other sale. It appears to those watching intraday action as any other sale, and therefore appears as if longs are jumping from the boat. That causes panic, and it causes other longs to join the fray and sell into the onslaught. It is an obvious manipulative device, in my opinion, and recognized as such even by the author of the Wired article about Elgindy in April of 2000. The false and/or misleading appearance is that en-masse, organized NASDAQ shorting at substantially the same time at substantially the same price APPEARS to the market as if it is something that it is not - it appears like legitimate sales of long shares, and as such holds an entirely different meaning to those watching the action than if they were watching the NYSE or AMEX, where short-sales are differentiated from normal sales.