Thank goodness we can't short MS.
And the SEC extends the ban, even in the face of undisputable evidence that it DOES NOT WORK?
> Pershing Square's Ackman says short sale ban hurt
> Short selling ban 'not working'
> CEBR Expert Blasts Government's Shorting Ban
And the broader market since the ban was enacted:
> Short sale ban hurt
edit - Now I am hearing the ban will be allowed to expire? I guess we will see.
There is a lot of blood out there today. The futures shot up on a coordinated move to cut rates around the world - but as of now (15-minutes before the open on Wednesday) they have given back all of those gains and appear poised to test the overnight lows. There are people a lot smarter than me who prognosticate on what needs to happen, but my .02 is we need a sharp downside move - exceeding what we have seen in the past few weeks - before we bottom and start to rally. It would be nice to see that happen today, with the markets printing a hammer-type candle on the charts.
All I know for sure is I am glad I do not hold positions overnight, and I feel bad for those who do given the environment we are in. Best of luck to everyone.
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4 comments:
welcome back!
r u watching true blood?
I think they will let it expire, but then will replace it with something else. Maybe broader?
Trader X,
I have a question for you. On days when there are almost zero gaps, and/or the ones that do gap fail immediately showing no follow through, what alternatives can you do on those types of days? Thanks
As far as I understand, the ban on short selling financials expires tonight at midnight. The SEC claimed they would lift the ban 3 days after the bailout legislation was enacted.
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