I realize that this is a post to an old topic but I was really surprised when I found out the answer to Diamond's question. Would you believe that naked short sales are not even defined by the SEC so the answer is no, they do not exist and it is not against the law to counterfeit stocks because it isn't defined! Finally, due to the tireless work of many market participants (not me), a rule has been proposed to not only define NSS and to make it against the rules. They are now taking comments on this rule, until March 20th, at
http://sec.gov/rules/proposed.shtml and I urge everyone that can to review this rule and post support for it, if you do indeed feel it is proper.
Quote:
|
Don't tell that to the guy from Overstock.com, he'll need to find a new excuse to why his pps is depressed.
|
Actually, he has now sued several of the major broker dealers on wall street, had his suit confirmed by several judges when they attempted to throw them out or appealed not getting that done and is now in discovery and progressing to the actual court date. There is a very intersting article named
The Story of Deep Capture - by Mark Mitchell that I urge every market participant to read. Its a long article but it tells the saga very well.
This all does not mean that you shouldn't invest in the stock market or that you can't make money. It just reinforces the importance of the technical trading that you are learning or perfecting with the help of Stock Market Cats. You can make money but only if your aware of whats happening out there and arm yourself with knowledge and technique to do so
could this be the end of naked shorting?
Linear Mode
