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Author Topic: NASD April Fool's Joke
Purl Gurl
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You are fooling yourself if you believe
shorting by Market Makers will end on
April Fool's Day.

Consistently I read investors spreading
the word and celebrating an end to shorting
by Market Makers. Nothing but April Fools
fooling more April Fools.

Shorting by Market Makers is in no way
effected by this NASD April Fool's joke.
Naked shorting, very little effect and
this activity will continue, unabated.

Do yourself a favor, read all contracts
very carefully before inking your name,
and read all SEC and NASD rules very
carefully before believing their obvious
mule manure.

This amendment to the NASD rule 3370 is
a political ploy, a publicity stunt, a
complete scam to placate the ignorant.

These are links for all these April Fools
running around grinning like fools, claiming
Market Makers are about to be made fools.
Only fools I read are those foolish enough
to not check their facts.

Carefully read and read for comprehension.
Pay extra attention to exemptions and those
references to other rules, which effectively
hide the truth through obfuscation.

"Wall Street" is exempt from this rule.
There are no provisions for enforcement.
Tests of affirminative determination are
an absolute joke. Implied enforcement
is left to the crooks; crooks watching
over other crooks.

Pay attention to "exemptions," "reasonable
assurances," "customers" and references to
other rules which create loopholes to avoid
this supposed rule.

Read for comprehension and quit being
Wall Street's April Fool.

- http://www.nasdr.com/pdf-text/0403ntm.txt

- http://www.nasdr.com/2910/3370_05.asp

There are hundreds of links like those,
informative links which you should be
reading very carefully.

Quit being Wall Street's fools.


Purl Gurl


Footnote:

You should also learn about the Bid Test Rule
which is a rule ignored at all times. This
rule is to prevent shorting and is absolutely
never obeyed. A recent discussion on RNDC
stock well exemplifies Wall Street never
follows any rules. I challenge the reader
to find a single SEC prosecution for a
violation of the Bid Test Rule, anytime
in the last two decades.

Bid Test Rule
- http://rrbdlaw.com/1999/q499/short.html



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Purl Gurl
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Another link I forgot to add, a link for
these April Fools running around screaming
Market Makers are about to get theirs.

Pay attention to terms "arms length" and
references to reasonable assurances.

- http://www.nasdr.com/pdf-text/0421ntm.txt

* passes out shovels *

You will need a shovel to work your way
through all this mule manure being spread
by both uninformed investors and Wall Street.


Purl Gurl


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tuna
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"The amendments also provide an exemption for"
" among others, proprietary orders of member firms that are bona fide market making transactions."
.............................................
"Bona fide"... If its "bona fide market making" make them end flat each day with say a token level of shares they can remain holding....ha ha yeah right


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Purl Gurl
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Just for the halibut, Tuna, I would say
you are game fish!

"Bona Fide Market Maker Activity" is a
catch phrase for "Diplomatic Immunity."

"No, you may not search our airplanes,
our cargo ships, our trucks, our cars,
our luggage, just because we are importing
and exporting weapons, bombs, lethal virii,
suitcase nukes, sex slaves, body organs
and a man who looks just like Osama. We
have certain diplomatic immunity."

"I wasn't engaging in unlawful shorting.
That was bona fide market maker activity!"

Readers should note what is not said, what
is not written, is often more important
than what is said and written.

This NASD rule makes no comment on the
Depository Trust Company system. I am
certain this is deliberate. This system
is completely unmonitored and it is well
acknowledge to be amongst the most often
abused stock related systems. It is the
premier source for shorting.

Even the idiot I am, already I know of
a huge loophole. I plan to unlawfully
short a stock, and begin to do so. For
"affirmative determination" I say,

"The shares I need for replacement are
available through the Depository Trust
Company system. In three days I will
purchase (borrow) shares from them to
cover for shorted shares."

Three days later,

"Those shares I promised are now gone.
I will cover sometime in the future.
No, technically I am not in violation.
When I provided affirmative determination,
those shares were there. Now they are
gone. This is not my fault."

Far fetched, certainly, but not beyond
the realm of possibility for Wall Street.

Loopholes and diplomatic immunity, this
is the core of Wall Street "bona fide"
market activities.

Looks like Tuna is not going to bite,
hook, line and sinker on this one.


Purl Gurl


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Purl Gurl
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I would not be surprised Market Makers
are trolling, Market Makers deliberately
tossing out chum bait in the form of some
postings claiming all shorting is ending,
just to make sucker fish out of investors.

What is going on with those sucker fish?

"April first, BUY! BUY! BUY! Market Makers
cannot short! BUY! BUY! BUY! Prices can
only skyrocket like a caught swordfish
trying to leap for freedom!"

W.C. Fields, bless his alcoholic crooked
heart, uttered a famous often quoted saying,

"Never give a sucker an even break."


Purl Gurl


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poorman
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Be careful on trying to help the people who just don't want to believe Purl, W. C. also said no good deed ever goes unpunished.LOL
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tuna
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My favourite read of the day,
Very much to the point and well written
http://www.sec.gov/rules/proposed/s72303/decosta122203.htm

"This whole issue is not a matter of "good clean fun between the shorts and the longs". This is organized crime permitted and condoned by naïve regulators not recognizing the absurdity of letting Wall Street participants dealing with trillions of dollars of investors' property to sell things that simply don't exist.

[This message has been edited by tuna (edited March 21, 2004).]


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blue_in_MI
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You make some great points, I agree with your anger and think it's great you keep bringing this up to raise awareness.

Here's another very interesting link that was on one of the other boards about naked shorts:
http://sanantonio.bizjournals.com/sanantonio/stories/2004/02/02/story1.html


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Purl Gurl
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Both articles presented by Tuna and by Blue,
should be read at least twice for good
comprehension of what is written.

"Why is the fox allowed to guard this hen
house with over $127 trillion in assets?"

Should you, the reader, invest time and effort
into reading those articles, you will quickly
realize Wall Street, NASD and the SEC are
working together, conspiring together, to
continue to defraud investors of billions
of dollars each year.

Wall Street, NASD and the SEC all benefit
financially by allowing continuance of
financial crimes, which have been taking
place for many decades.

I will say it again, Wall Street and the
SEC are well qualified for prosecution
under RICO as organized crime.

Those of you who believe and are promulgating
an end to shorting because of this NASD
April Fool's joke, I must be candid and
state, you are fools. You are simply reacting
precisely the way Wall Street and the SEC
want. You have been completely fooled by
this NASD scam.

There will be one change on April Fool's
day. This change is Wall Street will be
better able to cover for their crimes.

An event will begin on April Fool's day,
an event of fools being relieved of their
money at a faster pace. Quite the joke.

My thanks to Tuna and Blue for adding very
important information to this thread.


Purl Gurl

[ Edited by Guido For Your Protection ]

[This message has been edited by Purl Gurl (edited March 21, 2004).]


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Purl Gurl
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Per NASD,

"The NASD Board consists of 21 Governors,
a majority of whom are from outside the
securities industry."

Should a reader take a close look at the
NASD board of governors, a discovery will
be made; only one governor is "truly"
outside the securities industry.

One out of twenty-one. This is a majority?

Get with the program, folks! The NASD,
in keeping with Wall Street, is simply
perpetrating scams, one after another,
upon you.


Purl Gurl


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glassman
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PG are you gonna pull all your money out of the market or are you going to hunker down and kick some butt?

One of my mentors is always telling me that rehab is for quitters---somehow i don't think you are ready for rehab---remember the second golden rule? The one with the gold rules?---it's possible to win --even in a rigged game--you have shown quite a bit of skill in sorting out the quality from the junk---fundamentals always win in the end--it just takes awhile for the masses to figure out the truth---getting there first is what you do well--be patient--hell--i HATE being patient too-----


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Purl Gurl
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Reads to me I consistently kick butt on
Wall Street, simply by being candid
and truthful.

Do you truly think me a quitter?

Pffttt....

Purl Gurl


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tuna
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I wonder if AURFQ is an example of the MM's getting caught with their pants around their ankles...be interesting to watch.
Gnet seems to be all over it this afternoon pushing it down bigtime

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glassman
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I seem to remeber that the markets began this "retracement" in the week to ten days leading up to the supposed feb20th market rule changes---since then i have cautioned several times that the MM's were flirting with disaster---they forced the prices too low to recoup the naked shorts---now we have major retracement---we actually went a very long time without a 5% retracement--one of the longest in history. The sad part is that we were still down from previous highs. Despite some people's forecast of doom and gloom the MM's will be bring buyers back in soon---they have to---which shells will they put the peas under? I hope they choose some high value pennies---LOL
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Purl Gurl
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So much of our market crash is coincidental.

Stock markets were due for a correction.

Certainly some Market Makers involved with
offshore shorting reacted with panic.

Others are certain to have shorted like
crazy trying to profit from the last of
offshore related shorting.

Bush and Kerry are running very negative
political campaigns adding to uncertainty
and fear amongst people.

This war in Iraq is not helping us with
billions of dollars being spent, and now
some questioning if the war was needed.

An ok economy but a lot of focus on high
unemployment and low hiring rates.

Terrorists strike Spain with direct timing
and references to nine-eleven, which does
cause inordinate fear.

Now the Jews extract their well deserved
pound of flesh, resulting in more threats
against America.

Lots of unrelated events all distinctly
having an effect on stock markets. This
timing of coincidental events could not
be worse for stock markets.

Rough times for investors with only the
strong and seasoned surviving.

All of this might turn out very positive
in the long run, just might.


Purl Gurl


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glassman
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I am well-positioned for this--I expected a bad time but not this bad---
How much further down can we go before the margin calls get ugly? Are we there yet? I don't follow the margin thing real close cuz I don't use it. But at some point a lot of margin calls are going to made and then......

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glassman
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yes---naked shorting is over---
ding-dong the wickid witch is dead--LOL

they can still short--they just have to cover----in a timely fashion--if your broker calls to find out why they did not deliver---unless they get another reprieve--
not expecting a major shift in the markets--just some steady gains in the right places--i hope--LOL


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Purl Gurl
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Hold on there, Buster!

Remember, Wall Street is completely exempt
from this NASD joke of a rule.

Magic expression,

"bonafide market maker activity."

Wall Street can still naked short stocks,
they are completely exempt from having
to cover for stocks in a timely fashion.

All NASD has done is to bring unethical
profits back home to Wall Street.

Isn't that much like a Mafia turf war?

Purl Gurl


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Purl Gurl
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An interesting article noticed at another
board. Topic of this article can be applied
to a lot of what is happening in markets.

http://biz.yahoo.com/bw/040331/315301_1.html


Purl Gurl


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Purl Gurl
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"Now that these new rules are scheduled to
become effective April 1st, a number of the
market makers in the Company's stock are
ignoring and/or refusing to process buy orders
with the apparent intent to hold down the price
per share so short positions can be covered at
lower prices."


Big surprise, yes?


Purl Gurl


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glassman
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The markets are an auction after all----
if i buy XYZ--they better deliver--
they have been counting on many day-traders to re-sell without taking delivery-----
if they don't have the shares to sell--they can't fill the order-get the price to the place where some of us will sell and then you have the trade---
not exactly JUST the MM's faults--they are guilty of trying to capitalize on day-trading and maybe have been caught out by US INVESTORS--the day-traders in margin accounts maybe should not get timely delivery -

BUT I WANT MINE.............


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