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  1. R-U-Sirius is offline
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    Joined: Jan 2009 Location: Memphis, Tennessee Posts: 36
    04-06-2009, 10:05 PM #141
    http://news.yahoo.com/s/nm/20090407/...c_shortselling

    U.S. SEC to consider about 4 short sale proposals


    WASHINGTON (Reuters) – U.S. securities regulators will consider about 4 proposals to restrict short selling, a type of investing blamed for accelerating the severe downturn in financial services stocks.

    Proposals the SEC will consider at its Wednesday meeting include the restoration of the "uptick rule," which allowed short sales -- a bet that a stock's price will fall -- only when the last sale price was higher than the previous price, the chief of the Securities and Exchange Commission said on Monday.

    "We are going to put forward about four different proposals, and one of them does include the original (uptick rule)," SEC Chairwoman Mary Schapiro told reporters on the sidelines of the Council of Institutional Investors conference. "There are different modified versions because the markets have changed a lot, even since 2007."

    Schapiro said other proposals on the table include a so-called "bid test" and a "circuit breaker."

    Schapiro did not provide details on how the bid test or circuit breaker could work and did not elaborate on the fourth proposal.

    One source familiar with the matter said the SEC bid test proposal would only allow shorting at a price above the highest available bid. The source wished to remain anonymous because the proposals are still being drafted.

    The proposal for the updated version of the uptick rule would apply to all stocks, said the source who wished to remain anonymous because the proposals are still being drafted.

    The SEC also is crafting two circuit breaker proposals: One would temporarily halt short sales of a stock if the stock has already fallen by a certain percentage, the source said.

    The other would trigger the application of an uptick rule or bid test after the price of a stock experienced a decline by a certain percentage, such as 10 percent, the source said. This version of the circuit breaker is similar to a suggestion put forth by the operators of the top U.S. exchanges, the New York Stock Exchange, the Nasdaq Stock Market and BATS exchange.

    SEC staff are still drafting proposals, the source and a second source familiar with the proposal said. The second source cautioned that the current draft could go through several more adjustments before Wednesday's meeting.

    In a short sale, an investor borrows stock and sells it in the hope that its price will fall. If the price does drop, the seller profits by buying the stock back at the lower price and returning the borrowed shares.

    In 2007 the SEC abolished the uptick rule after studies concluded that advances in trading strategies had rendered it ineffective.

    At the time, the SEC's action did not trigger cries from investors and lawmakers. However, as stocks of big investment and commercial banks sank over the past year, some members of Congress started pressuring the SEC to restore the rule.

    Some short sellers have questioned the need for the reinstatement of the rule, saying they are being unfairly targeted.

    Two bills to reinstate the uptick rule have been introduced in the U.S. House of Representatives and a similar bill has been introduced in the U.S. Senate.

    "Abusive short selling has gone unaddressed for too long and simply must end if the SEC is to restore investor confidence in the markets," six Senators including Democrats Carl Levin and Edward Kaufman and Republican Arlen Specter, said in a recent letter to Schapiro.

    "In the absence of a strong message from the SEC, we believe Congress will need to consider legislation that directs the SEC to do so," the Senators said in a letter dated April 1.

    Billionaire investor George Soros said on Monday that he favored a reintroduction of some kind of rule to restrict short selling. "You do need to provide some protection against effectively the bear raids," Soros told Reuters Financial Television in an interview.

    A final rule will not be adopted at this week's SEC meeting. The agency will still need to solicit public comment on its proposals and hold another meeting to decide on final short sale restrictions as part of its normal rulemaking process.

    When asked if she favored restoring the uptick rule, Schapiro said she was anxious to read the comments.

    Earlier in a speech to institutional investors, Schapiro said the SEC would convene a roundtable later to discuss the proposals and potentially some broader issues on short selling.

    (Reporting by Rachelle Younglai with additional reporting by Jennifer Ablan and Daniel Burns in New York; editing by John Wallace and Carol Bishopric)

  2. cos1000 is offline
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    04-06-2009, 10:36 PM #142
    Quote Originally Posted by Beach Gambler View Post
    I . I have never been in the stock market as my money always went into property. I like the Vegas style gambling I am taking on this stock, hence the name Beach Gambler. I also have a very famous father that I am trying to out do in fun before he dies. Probably more than you wanted to learn about me and more than maybe I wanted to share but there you go. I do love to make people laugh and my posts showed this to much and was asked t0 stick to the off topic thread.
    Have a great day.
    I hear you and wish you good luck.... not just in Sirius, which I do believe will pan out for you but, more importantly in your competition (light hearted) with your father.. My most precious memories were as an adult friend of my father... he's gone now but, the memories are gold... My comments of concern were genuine and I see concern was unwarranted... As far as being on topic... we are... Good luck on your investments,.... a buyers market it is....
    Last edited by cos1000; 04-06-2009 at 10:38 PM.

  3. cos1000 is offline
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    04-06-2009, 10:50 PM #143
    Quote Originally Posted by Joeboo1 View Post
    Cos you make me feel so much better about that 401k loan I took out about mid march and dumped into Siri. Atleast I am paying myself back with interest if this doesn't pan out. (drudging back to the salt mine.............)
    Not trying to forecast gloom, just suggesting insurance and caution on a position that is already up over 100% in return to Beach Gambler.... Once Q1 is out of the way I think will make a profitable leg up. Fifty Cents is a 40% pop from here and that isn't a bad gain after the gain we just experience from BK worries... better days are in front of this company... but if your dollars in are precious to you... treat them that way and invest wisely.... living to fight and earn another day....

  4. Paratrooper_Rick is offline
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    Joined: Feb 2009 Location: In the trenches taking aim Posts: 634
    04-06-2009, 11:41 PM #144

    Cool

    Quote Originally Posted by Hughes View Post
    Off topic: Are you using the new Nextel Curve by chance? I need a new phone and was looking to upgrade eventually.
    Sorry for the delay. I use verizon. I have always been happy with them. My last service was tmobile and I hated them. I use tdameritrades istockmanager app on this thing and can't imagine living without it again.

  5. trippingthespeculatingpos is offline
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    Joined: Dec 2008 Location: San Antonio Posts: 2,884
    04-06-2009, 11:49 PM #145
    i got it now beach gambler's dad is warren buffet!!!!!

  6. killerkaul is offline
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    Joined: Mar 2009 Posts: 156
    04-07-2009, 01:30 AM #146
    Guys............. I'm considering transfering to another trading company. I am currently with Fidelity. I like them for their $8.00 trades of stocks over $1.00 share price. Any trades of stocks with a share price under a $1.00, and they kill you in fees. A lot of my trades are in penny stocks, so would like your input on any of your economical, DEPENDABLE, and knowledgeable alternative trading choices you have grown to like,use, and have confidence in. Thank you ! .. killer and the Dog.................. See you all in the morning with a good strong cup of coffee. Good Nite.

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