February 24, 2010
The new short selling rules are a lame-assed joke, a bow to the big houses, a slap in the face to retail investors and a disgrace....
If a stock goes down 9.5% (which is A LOT) one day and then goes down 9.5% the next day and 9.5% the following day, etc.... NO PROB, according to the SEC
This only serves to give individual investors a warning to clear out long positions... if the pattern is even recognized... and allows the hedge funds and manipulators the opportunity to CONTINUE doing the same market destructive, confidence-eroding things as before.
We desperately need a truly independent SEC that has NO ties or cronies on their payroll that had previously worked on Wall St.