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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (8638)	12/19/1997 4:43:00 PM
From: Jon Tara	Read Replies (1) \| Respond to of 9285

All: is there a secret to shorting NYSE stocks on Datek? See my posts on the Datek thread and let me know what I should have done. Tried repeatedly to short AOL today in the last 15 minutes and failed. First, with limit orders (and AOL even traded above my order - that is, bid rose above my limit sell, which had been the bid when I placed it - that shoulda been an uptick, right?) then threw in the towell and did market orders. I have mainly shorted NASDAQ stocks and SPY, which has been a breeze, since you can get around the uptick rule by going above the bid, and unless you are in a down market, you can usually beat the spread on Datek. (And SPY has no uptick rule.) Can someone explain EXACTLY how the uptick rule works? I can imagine several ways where how order routing is handled might make it difficult or impossible to short. (e.g. what happens to a market short order? Do they have to keep re-presenting the order? Or does it go in the book and get marked short? I've seen evidence in the past that Datek did not book my limit orders.)