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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling -- Ignore unavailable to you. Want to Upgrade?

To: stevenallen who wrote (5366)	8/22/2001 3:09:53 PM
From: Biomaven	Read Replies (1) \| Respond to of 6873

I use two different brokers to box - 1 long, 1 short May well be a violation of SEC Rules 10a-1 and 3b-3. Take a look at: nasdr.com In particular: ... definition of a “short sale” contained in the Securities and Exchange Commission (SEC) Rule 3b-3, which is incorporated into the NASD’s Short-Sale Rule. Under SEC Rule 3b-3 and NASD Rule 3350, the term “short sale” means any sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by, or for the account of, the seller. To determine whether the seller is long or short overall, the seller must net all positions in the security. This includes netting positions held in accounts that are related or under common control. Thus when you sell from your boxed long position you are actually making a short sale under this definition, and you need to comply with the uptick rule. (The fact that the selling broker doesn't know it's a short sale isn't the issue here - you know it's really a short sale). Peter