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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (3336)	7/1/1998 2:53:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

Ramsey... First of, lets start with the fact that we are talking nasdaq and transactions occur through market makers. Now if the tock is 30 x 30 1/4..and the 30 is a DOWNBID, no you cannot sell it there. If the firm wanted to , they could offer your stock at 30 1/16 or 1/8 (which is what I would do for clients) and wait for an upbid greater than your limit... if stock fell to 29 3/4 to 30 1/8....still all prints, long sales hitting the bid, you would not be filled yet, you can always try offering stock at 30 but no guarantee..you need an active buyer to take your stock rather than YOU actively hitting thebid. Now lets say is edges up and not becomes 30 to 30 1/8...NOW you could smack thebid, its an upbid. short sales are very complex but not overly so. It is also important to distinguish between the nasdaq upbid and the nyse uptick rules. When I get back from vacation I would be glad to discuss it in greater detail. Please see the nasd and nasdr.com and nasdaqtrader.com in the meantime. Regards, Steve@yamner.com