This is topic No evidence of extensive “naked short selling”??? in forum Micro Penny Stocks, Penny Stocks $0.10 & Under at Allstocks.com's Bulletin Board.
Not sure if this has been posted. I know we have many big time NS believers here that will attack this post. I am not saying that I don't believe in NS myself but a lot of Pennies use NS as a excuse while they dilute under cover.
Contact: Stuart Z. Goldstein Phone: +1 (212) 855-5470 Email: sgoldstein*dtcc.com
Regulators Say REG SHO is Working New York, January 24, 2006 –Despite extensive examinations by the SEC and the markets, there has been little or no evidence of extensive “naked short selling” to date, according to comments made at a recent forum held by the North American Securities Administrators Association (NASAA).
The forum was designed to examine how well Reg SHO, a regulation designed to modernize rules on short selling, had performed.
James Brigagliano, assistant director of market regulation at the SEC, said, “While there may be instances of abusive short slling, 99% of all trades in dollar value settle on time without incident.”
Brigagliano said the SEC conducted examination at 45 broker/dealers and asked the markets to look into the trading of securities in which large amounts of “fails to deliver” have been registered.
Anand Ramtahl, vice president in the New York Stock Exchange’s division of member regulation, told panelists that the exchange was conducting rigorous examinations of its members to make sure they are complying with Reg SHO.
NYSE officials noted later that when Reg SHO went into effect in January 2005, the exchange had 78 issues on the threshold list. (The threshold list contains the names of issues that have more then one-half of one percent of their shares failing to be delivered.) As of early January 2006, the number of NYSE issue on the list had dropped to 37 issues.
Cameron Funkhouser, NASD’s senior vice president of market regulations, told the forum that NASD had found no evidence of rampant naked short selling. He also noted that although a number of companies have in the past alleged their shares have been manipulated through the listing of their stocks on foreign stock exchanges, he had found no evidence of such activity.
“We took (these allegations) very seriously,” Funkhouser said. “We have seen not one instance of naked short selling or any abusive short activity” through foreign exchanges.”
According to the SEC, a short sale is “generally the sale of a stock you do not own (or that you will borrow for delivery). Short sellers believe the price of the stock will fall, or are seeking to hedge against potential price volatility in securities that they own. In a ‘naked’ short sale, the seller does not borrow or arrange to borrow the securities in time to make delivery to the buyer within the standard three-day settlement period. As a result, the seller fails to deliver securities to the buyer when delivery is due, which is known as a ‘failure to deliver’ or ‘fail.’” The SEC noted that fails can occur for a number of reasons other than naked short sales, however.
DTCC was not invited to attend the NASAA forum, but officials noted that 85% of all fails were resolved within 10 business days (i.e., before any buy-in would be allowed under current rules), and 90% resolved in 20 business days. DTCC does not regulate short selling, naked or otherwise. However, it compiles lists of fails each day and provides that data to the market regulators.
About DTCC The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter credit and equity derivatives. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. DTCC’s derivatives services are offered through DTCC Deriv/SERV LLC, a wholly owned subsidiary of DTCC. For more information on DTCC, visit www.dtcc.com.
###
Posted by buckstalker on :
Sorry Ric...no offense but...I Don't Believe It!!! They will never admit that they have a problem here...
Posted by will on :
I agree with you, Ric. It is an excuse used by companies and CEO's while they are the real culprits diluting and selling new shares into the market. It's a convenient cover story for them. I saw someone post a few weeks ago that FDCH now BKMP was NSS 500M shares, and the symbol change was designed to catch the MM's that were short. That seemed, at best, ridiculous to me. Not so much because they are regulated, but MM's know their business, and would never be careless, dumb, stupid, or ignorant enough to ever be in that position. It is pumpers tool, and CEO's best friend when he's diluting shareholders value. The only ones that are willing to listen to that nonsense are hopeful, desparate, investors looking for a greater fool to sell to.
Posted by buckstalker on :
I do agree that too many companies, CEO's, and investors use it as an excuse, but...I also do believe that NSS is far more of a problem than the powers to be are willing to admit...
Posted by *Magnetic*Microspheres* on :
Nobody wants to admit that they are short when they are naked but seriously I find Funkhousers' quote “We have seen not one instance of naked short selling or any abusive short activity” through foreign exchanges.” a little hard to swallow.
Posted by will on :
It does exist, as evidenced by the SHO list. To what degree, is not provable. It certainly does not happen with the frequency and to the extent that pumpers claim and CEO's protest it is happening. I think the word that should be focused on is "EXTENSIVE".
Posted by BuyTex on :
I*do* agree NSS/MM are "boogeymen,* but also believe whatever problems there are? DTCC is part n parcel with problem--why else would they grant themselves a "a pardon in advance" for crimes that "might be" committed?
Saying 85% of FTDs are cleared up is a dubious honor--that leaves 15% unresolved!
Posted by bill1352 on :
the problem is too many OTC & Pinks o/s changes so much & the increase is not reported on time, OTC only. the pinks do as they please. EVERY stock needs to be made to post quarterly the a/s, o/s & float period. they dont need to file all the rest required to be fully reporting but they must file the share structure. this removes both naked shorting & crooked CEO's.
Posted by BuyTex on :
Pinksheet CEO has gone record with his plan to let "cream" of pinks rise and let the "drudge" get drudgier....
Your sentiment is valid and is shared by many. But it doesn't directly address the myriad problems at DTC et al...
Posted by will on :
Hey bill !
What do you think the impact of a 500M NSS position would or should have had on a company with an O/S of 4B, and maybe, 2 / 3 B, of that being float, when they changed their symbol only?
Posted by bill1352 on :
if there really was 500 million short on 2 or 3 billion thats a big % of the float. 25% of 2 billion it would hurt the pps a lot if it was a hi volume stock. but to prove 500 million were short you'd need a honest company with current & quickly updated o/s figures matched to trading numbers. in the land of pinks odds are its the CEO diluting not mm's shorting. still it is possible. f'in crooks all over the OTC on both sides of the fence.
Posted by Ric on :
quote:Originally posted by buckstalker: Sorry Ric...no offense but...I Don't Believe It!!! They will never admit that they have a problem here...
I just posted the article. Really no comment on how truthful it is just that there is a lot of abuse on the other end to of claims of NS when in fact it is the company causing the problem usually through secret dilution. Now reporting companies that state there o/s and it is obvious that their o/s or more the float isn't increasing then if the company want to complain then I will listen. But please don't tell me about a short when you refuse to give the specific o/s and float on a regular basis to see if there is dilution.
Posted by Ric on :
.
Posted by bill1352 on :
ya got frontloading pump & dumpers on the trading side. you got mm's flippin shares between each other to control the pps. you got CEO's dilutin the piss out of a stock & never tellin the traders. you got CEO's putting out half true pr's getting the stock to run so that they can sell their bonus shares. a Red Wings announcer, Mickey Redmond says about close hockey games..."it's no place for a nervous person." ...well it applys to the market as well.
Posted by Ric on :
Glad to see everyone. Hope everyone is doing great.
Posted by will on :
Well, the MM's have COMPLETE control of Bid / Ask process. Seems like that's all the power they would need, especially with a company that has more than 300M O/S.
Posted by bill1352 on :
glad to see you too Ric...not trading anymore. no internet in my new office so i'm out of the game for a few more months. thus not watchin it much. just bashin CMKX at PB...lol
Posted by will on :
Good to see you too, Ric. It's been awhile. I'm sure everyone misses your reailty approach. Lot of fantasy goes on these threads, we can always use someone's sane and sober point of view. It's kind of refreshing after reading some of these pump threads of stocks with Billions os O/S.
Posted by BuyTex on :
lol, Ric--good post...
hope y'all are doing ok, too
Posted by bill1352 on :
any company with over 500 million in the float will be hard pressed to see a penny. too many ppl taking profit as well they should thus never getting demand to pass supply.
Posted by thelimeyone on :
ric &will,either you are are working for the wall st institutions behind the nss scam or your powers of reasoning & deduction are completely absent.are you living in a bubble?.get a dose of reality,go check bob o'briens blog * thesanitycheck.com "the spin machine on overdrive -the dtcc spins the NASAA forum like a top".this exposes the complete drivel the DTCC has put out.knowingly or unknowingly you have become lackeys for the super rich of wall st(the bad guys).you have done a disservice to the small investor & small companies (the good guys), by publicising this piece of propaganda.there are many other excellent articles on this subject at this site & many other sites(anybody who wants to know let me know).be part of the badly needed 'MARKET REFORM MOVEMENT' (super good guys)not part of the problem. p.s.this scam is the same scam(watered down stock) that lay behind the 1929 crash.
Posted by Ric on :
I PM'd you over there bill.
Posted by Ric on :
Actually I think anyone will tell you that is far from the truth. I swing trade pennies and have wrote several articles on penny trading. You would learn a lot to listen to people like Will. I have been on this board like will for over 2 years now and traded pennies for a very long time. I know what I am talking about.
Posted by BuyTex on :
limey, say your piece, make your argument...whatever, but puhh-leeze don't start in on two of the board's top posters... Posted by bill1352 on :
CMKX will be the stock that bursts the naked short bubble. its not short 1 share & the cert pull is proving it. Ric & I ran the numbers over a yr ago & was trying to tell folks it wasn't short. crooked CEO's have taken a real problem & made it almost impossible to fix.
Posted by Ric on :
Exactly Bill and Companies like this is what is killing the march to stop abuses and the problem with sites like thesanitycheck is they have been using these companies like CMKX as there poster stocks. If they really want to fix the problem then they need to stop promoting these scam pinksheets as there NS floor show.
And yea I do know NS is a problem but I also know how many of these non reporting companies that are abusing the issue for there own gain while hurting the fight in general.
Posted by will on :
Harsh and emotionally charged reactions are expected with this situation. It probably is the equivalent to investors as the abortion or gun control arguement is to society. Hypothetical and issues falling in the realm of unprovable usually breed polarization. It's good to see a descenting point of view. Afterall, that's how minds are changed, by facts. If/when I see enough factual informatiom, not conjecture, inuendo, supposition, theory, but cold hard facts, I'll change my mind.
Posted by bill1352 on :
i replied Ric...lol
Posted by Ric on :
You will get a kick out of the PM I sent you here bill.
Posted by bill1352 on :
the pps of a stock is manipulated by mm's & wall street in general, rich get richer does apply. if you watch a stocks trades thruout the day you can tell when it happens. you can also tell when its dilution by the company. us little guys have got to be quick on the trigger in both buying & selling or its impossible to make money in pennyland. the 1 small rule change i suggested above would go a long way in leveling the playing field & expose naked shorting to the light of day in a more realistic manner.
Posted by will on :
I love when you visit a thread, and maybe do no more than post some facts, perhaps a jumbo O/S from a 10Q, or a history of R/S, or a given MM selling millions of shares on the ask for a month, (indicating dilution). When you see obvious dilution you have some pumping shareholder calling it accuumulation. When you have done nothing but state a fact, they counter with all types of party line arguements. If you challenge them the arguement is usually three phased.
Challenge them with, prove your position, and you get : Prove me wrong. Usually the proof lies with the person making the claim, never understood that.
OR
If you press for them to prove their position you get: I ain't doing your DD for you, do your own DD.
Then finally its:
You're a paid basher, go tell your boss he ain't getting any cheap shares from us.
I just love their logic !
Anyway, I won't be stapling any 1099's or W2's to my Income Tax forms from wall st institutions behind the nss scam this year.
Posted by BuyTex on :
I agree in the main, and also think DTCC-nexus is a problem...
bill, how can you "also tell when its dilution by the company"? I mean, besides calling the TA? You're saying merely by observinf trading patterns?
will, dissent? no prob--just can't abide the personal attacks...
Posted by will on :
Tex, you familiar wwith PLNI?
There were two MM'S sitting and selling the ask for over a month. I specualted dilution, others specualted accummulation or company buy back. Millions sold, (actually 100's of millions), PPS dropping like a rock. Fianlly they updated there A/S, O/S, Float,on pinksheets.com and low and behold, they dilluted te O/S by 38% and the float by 27%. (I think those were the percentages, been awhile since it happened). That was a recognizable pattern.
Posted by BuyTex on :
ya, made good dough on it...
what I'm asking, I guess, hmmm...you're saying one needs L2s to see 'em selling the ask?
Posted by will on :
Tex, recall the biginning of PBLS's current run?
It was setting at .021 / .0225, and they PR'd a fantastic great sounding acquisitions. Everyone was salivating thinking .12 was on its way again in a matter of weeks. Suddenly, SCHB shows up on the ask selling like crazy. Everyone watched in horror as the PPS dropped to .013. PBLS being a pink, and not updating or reporting you may never know what that was about, but logic tells me it was dilution, modest, but still dilution. Can it be proven? No, but that sure is what it looked like?
Posted by BuyTex on :
but ya caint see it at "level 1," right? First ya gotta be able to see who's on bid & ask, yes?
Posted by will on :
Yes.
Posted by BuyTex on :
I keep asking re this point cuz I swallowed the bit on that wifi play...worst dilution I've been in on...
thanks for the good info
Posted by will on :
Tex, PLNI has free L2's on pinksheet.com, you could have seen it there. It will happen again and you'll have a ringside seat now.
Posted by BuyTex on :
agreed...but back then? didn't know what to look for...
All I knew of L2s was for sweatin' runners
Posted by Ric on :
Talk about a scam AMVS formally SSWH I guess seen how CMKX was able to con so many people they are switching from a Wheel producer to a mining company and going to change their symbol soon. After their last r/s they couldn't get anyone to buy anymore shares. The only money they were making was from selling stocks so they had to do something to get people to start buying shares again. It is hard to dump them on the market if no one will buy them.
So watch out for this scam. Might make a hype play at some point though when they con the next generation of people that see precious minerals making them rich from a poor penny stock.
Posted by will on :
If you want some pretty good insights on how and what the MM's were doing with PLNI, go back to the thread and read StockHunter's post maybe back to November. He used to trade on the floor, I think he was a specialist on a bigger board, but read his posts, he's EXCELLENT.
Posted by BuyTex on :
ric, good hedzup
will, agreed re SH--told him so, too, on thread... just to clarify: I know *what* they do, wanna get better at spottin' it...
Posted by will on :
He explains it well, in a few of his posts. Take the time to read him, it is really worth it.
Posted by BuyTex on :
ok, will re-read...
check ya manana
Posted by BuyTex on :
quote:Originally posted by Ric: Talk about a scam AMVS formally SSWH I guess seen how CMKX was able to con so many people they are switching from a Wheel producer to a mining company and going to change their symbol soon. After their last r/s they couldn't get anyone to buy anymore shares. The only money they were making was from selling stocks so they had to do something to get people to start buying shares again. It is hard to dump them on the market if no one will buy them. *bump for posterity* So watch out for this scam. Might make a hype play at some point though when they con the next generation of people that see precious minerals making them rich from a poor penny stock.
Posted by bill1352 on :
on L1's with microcap you can watch as the trades come in. when mm's are controling the pps you'll see a pattern of just enough sells coming in to match any buys thus holding the pps steady. i dont remember seeing them try & drop a pps but they do try & control big runs knowing that the next day most of everything bought today will be sold tomorrow.
Posted by Thorn on :
NSS or not, CMKX definately was not above board with the stockholders. There's simply no evidence that they were. (It's an Enron thing; either they were lying or they are incompetent...or both).
However, I find it hard to believe that greedy people would not take advantage of the system.
(Maybe by putting in the word "extensive" they figure they've pulled the wool over our eyes.)
Posted by thelimeyone on :
to Will,Bill & Ric.sure there are crooked CEO's but that's peanuts compared to the NSS being perpertrated by wall st.Here are my main points 1.you want facts.for starters go to Dr.patrick byrne's 4 part stunning video/discussion on line on FTD,s(fail to deliver).facts,facts & more facts.Incidentally this CEO can't find out who sold all these shares in his own Co.,because the DTCC will not tell him.Shares that don't exist that is,you know the counterfeit ones used to drive the share price down artificially.As in ILLEGAL. 2.don't be afraid try actually reading some of the stuff put out by dave patch,mark faulk,bob o'brien et al,at the very least you will have studied both sides of the argument and can speak with authority on the subject. 3.heres a couple of samplers of what people are saying "illegal naked short selling,according to Robert Shapiro, a former under secreary of commerce,has cost investors $100 billion and driven 1000 companies into the ground" from TIME magazine expose on NSS.(don't know how this got past the wall st mafia seeing as they own the mainstream media. "continued abusive short-selling practices pose strong potential for a systemic Wall st meltdown that will undermine our capital system and our economic strength". the Christian Financial Radio Network(cfrn.net). Or how about Rod Young CEO of EAGLETECH.remember them?.only today published a wonderful highly lucid 18 point(facts that is)account of why his company went belly up and the involvement of the SEC in this crime.(yes the same people who are supposed to be regulating the industry and looking after investors interest) 4.my only interst is getting to the truth and yes i get emotional.i happen to think that the continued shafting of the middle classes by the super rich with the possibility of a meltdown is a big deal.do not underestimate the size of this problem.If i happen to tread on a few toes in this process too bad,you started this thread .Asmy dear mom used to say "if you live in a glasshouse you shouldn't throw stones".
Posted by OILDOG on :
This is an excellent thread and topic! Answered question I had about PBLS's behavior a couple weeks ago. I'm soaking this wisdom up, you boys need to do this more often here. Guess L2's have some use besides bravo sierra after all! MM's can & do put anything they want up for all to see. But trades as you describe would be hard to hide. Ric, are the articles you wrote still available and where? tnx in advance.
Posted by The Bigfoot on :
Limey,
I don't think anyone here is saying that NSS doesn't happen. And I think most would agree with you that the rich take advantage of the middle to get richer. (We are all trying to join that society however so I'm sure there is some ironic hypocrisy in there somewhere.)
What Ric and Company are saying IMO is that for every sucker who gets shafted by the rich in a NS scam, 10 poor suckers are getting shafted by the rich (ie CEO's) with dilution and other less than honorable actions that companies can legally perform as pinks.
You aren't getting fought here. NS is a problem. But there are so many bigger sharks swimming in these waters it gets frustrating to keep hearing NS when quite often there are other events that are more immediately causing the problems that are being complained about.
You would do well to listen hard to people like Tex, Ric, and Will even if you don't like what they are saying. It is a rare person that looks past the surface of an issue to see "under the hood." But that's the only way to really understand the engine that you want to take you from point A to point B.
Ric,
Good call on AMVS. I just laughed when I saw that PR. They have no cash, no assets, no land, and NO EX·PE·RI·ENCE! People who pull crap like that should be banned from creating public companies.
The Bigfoot
Posted by thelimeyone on :
bigfoot,thanks for your comments.i guess we are going to have to agree to disagree.as far as my position is concerned,i can say without contradiction that i have no desire to join the super rich. my goal is to be financially independent so i can be free of any constraining influences and do my bit to support the underdog(dont know if you use that term,it's not derogatory)wherever that might lead,but there is too much power in too few hands.i am not a communist either but things need to change & i am starting here,i expect a long &rocky road. the limeyone.
Posted by The Bigfoot on :
Good Luck, Limey
I wish you well on your quest!
The Foot
Posted by bill1352 on :
limey...naked shorting does hit a bunch of companies. my bro-in-law is in business with a company that ends up on the SHO list every other month. ZP is the symbol. they got off the OTC for the Pacific exchange. their pps was $1.50 on average 2 yrs ago, its .30 now, just hit .50 friday. they should be a lot higher in pps. the reason they get off the SHO list is they report everything. on the OTC & more so the pinks they are not honest in most cases..not all but in enough that naked shorting is probably not the real; problem.
Posted by The Bigfoot on :
So, here's a question.
A lot of folks talk about mirror trades when they are talking MM manipulation. What does that mean exactly? I get the idea that for every buy at the ask there is a sell at the bid which keeps the pps deflated...is that right?
Are we saying the MM's are selling to each other or themselves? And how can they do this without losing money? Seems to me that even if they are selling to each other they all have to take a loss in order to do this but I think I'm not getting something here. Anyone feel comfortable clarifying for me?
Thanks,
The Bigfoot
Posted by runningscared on :
This is a great thread.. and Bigfoot that's a great question.
Posted by will on :
Foot, I am not so sure exactly what you're asking, and I am not sure about mirror trades either. I contend that MM's have complete control over the Bid / Ask process, and can bring a stock down, or let it run up at their discretion. It is easier for them to do that with stocks that have a greater O/S count. Volume I believe, is a key indicator, volume in a down market. They run a stock selling their inventories to investors hoping to catch the run, usually by then it is too late for anyone to really make money. After a run the begin collecting shares at lower prices and holding them in their inventory. They steadily decrease the PPS making it cheaper and cheaper to collect shares. Usually right before the stock runs again, you will see a deeper plunge and greatrer volume, the BIG sell off discourages the people that are still holding, and they finally sell, accounting for the increased volume. Shortly after that, (in most cases), they run it again selling at higher prices to a new generation of investors that are going to get in on the run. I'm not sure if I articulated that properly, but having control over the Bid / Ask process gives them all the leverage they need. If they have that much power and control how often would it be necessary for them to revert to NSS, when price is at their discretion ?
Posted by The Bigfoot on :
Thank you Will.
That's a good insight into the methods of a MM.
I will make my question more generic. People talk about Mirror trading when talking about MM manipulation. What is mirror trading? Is it a defined term or just a name investors have given to an idea that may or may not actually happen?
The Bigfoot
Posted by Highwaychild on :
I've come to believe, that penny stocks are like going into a casino. You know the house odds are stacked against you, but it's fun to play...
It would be a nice start that if every company that was allowed to trade, HAD to file. Instead of a "We don't have to tell you anything, we're a pinksheet company" kind of shield they seem to be allowed to hide behind.
Posted by 7 of 9 on :
NSS.
I think mms use nss all the time. Nasdaq says that 99% of dollar volume is OK but:
pinks have very little dollar volume, due to the pps
the SEC does not police pinks. they never say they do. they dont police the OBB either. we are on our own. go to the sec website and they will tell you: do not buy OTC stocks or any under $5. therefore, the sec doesnt know or care what happens on the pinks. how can the goverment police people that never file?
dilution: pinks dont file, so they dont file when they print 1B more shares, and sell them that same day in order to make payroll, which is only the CEO. i dont believe even that the x-fer agent knows the correct amount always. they just sell 1B shares and call the x-fer later, if ever.
bottom line: nss works and makes money so mms will do it if they can get away with it. my thesis is that they always do bcs. the sec doesnt care. pinkies are the scum of wall st.
7
Posted by bill1352 on :
Bigfoot...in some cases mirror trades are just that & buy & sell was filled for the same share total. but if you watch a stock that say had great news early. it runs up a bit then you see a bunch of mirror trades & the run quits no matter how much over the normal daily volume it ends up i believe thats mm's selling back & forth to hold the pps.
Posted by buckstalker on :
Great thread guys....
Posted by toddr545 on :
is this the new cmkx board?
Posted by Murnak on :
SEC Approves NASD Request Requiring 5,600 Brokerage Firms To Disclose Monthly Total Short Interest For OTCBB and PINKSHEET Securities.
February 8, 2006 /M2 PRESSWIRE/ **********, www.********** announced today that The SEC News Digest reported approval of the NASD’s request to require all NASD member firms to disclose Total Short Interest positions on OTCBB and PINKSHEET securities. The following statement was published in the February 7, 2006 edition:
“The Commission approved a proposed rule change submitted by the National Association of Securities Dealers (SR-NASD-2005-112) regarding amendments to Rule 3360 to expand short interest reporting to OTC equity securities. Publication of the order is expected in the Federal Register during the week of February 6. (Rel. 34-53224)”
On September 20, 2005 the NASD filed with the Securities and Exchange Commission (“SEC”) a proposed rule change to amend Rule 3360 to expand short interest reporting requirements to over-the-counter equity securities. The term “OTC Equity Securities” shall mean any equity security that is not listed on The NASDAQ Stock Market or a national securities exchange. Each member firm shall maintain a record of total “short” positions in all customer and proprietary firm accounts and shall regularly report such information to NASD as of the close of the settlement date designated by NASD. Reports shall be received by NASD no later than the second business day after the reporting settlement date. The term “customer” also includes accounts of other broker-dealers held at each firm.
![[Cool]](cool.gif)
![[Big Grin]](biggrin.gif)
Guess L2's have some use besides bravo sierra after all! MM's can & do put anything they want up for all to see. But trades as you describe would be hard to hide. Ric, are the articles you wrote still available and where? tnx in advance.
![[Smile]](smile.gif)