posted
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.
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.
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
tuna
posted
"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
Purl Gurl
posted
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
Purl Gurl
posted
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
poorman
posted
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
"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).]
blue_in_MI
posted
You make some great points, I agree with your anger and think it's great you keep bringing this up to raise awareness.
posted
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).]
Purl Gurl
posted
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
glassman
posted
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-----
Purl Gurl
posted
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
tuna
posted
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
glassman
posted
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
Purl Gurl
posted
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
glassman
posted
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......
glassman
posted
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
Purl Gurl
posted
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
Purl Gurl
posted
An interesting article noticed at another board. Topic of this article can be applied to a lot of what is happening in markets.
posted
"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
glassman
posted
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 -