UpDown bans short-selling of financial stocks in line with SEC
The SEC prohibits short selling of 799 financial stocks in order to strengthen investor confidence - and so does UpDown.com.
The list of stocks that cannot be shorted can be found here.
According to a press release issued by the SEC this morning, SEC Chairman Christopher Cox said, “The Commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets. The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury, and the Congress.”
We’ll keep you posted on any changes regarding these restrictions.
Michael
Tags: Rules, SEC, short-selling
September 19th, 2008 at 9:15 pm
What a joke, Market is doomed!
September 20th, 2008 at 11:46 am
So what exactly does this mean for those of us who ARE shorting these stocks already?
September 22nd, 2008 at 3:59 pm
If you’re already short, no big deal.
You just can’t put on any new shorts on the restricted stocks…………..and yes, it is a total joke.
September 22nd, 2008 at 4:15 pm
We’re also adding the additional shares that were included in the ban as of this morning.
September 25th, 2008 at 2:03 pm
nice-lol
well, fair i guess
too bad updown doesn’t support options yet
September 25th, 2008 at 6:43 pm
I thought GE was also the new “no short” list, But I am able to place sell short orders on updown, how do you handle that?
I think the days of free market and stock markets are over, hee haw
October 6th, 2008 at 1:41 pm
How is it fair in the contests if those already shorting are allowed to hold their shorts and others are not allowed new ones?
October 8th, 2008 at 10:58 am
Every market is driven by Fibonacci- aka simple ratios. My chart shows JPM going to $35.91. If the market participants cannot get this stock down to that level, I think the market will simply lollygag until it can get there. With fibs, you have a veiw of the balance on the chart. When price crosses certain levels it absolutely obligates itself to certain levels. Price cannot move on until it meet’s it’s extensions. I understand the idea behind the ban, but even in Forex when huge orders throw price off for a while, the flow is never disrupted. I think it would be a healthy thing to let this problem work itself out. We reap what we sow wallstreet. You are trying to manipulate nature, and nothing good will result from this ban. Price will hit 35.91 if you like it or not.
BTW…Apple based on the same simple fib pattern is going to 105.85…..Things are coming back, don’t worry to much people.
October 9th, 2008 at 10:07 am
The ban is over and i still cannot short sell on updown.com lets get this thing going so i can make some money
October 9th, 2008 at 12:24 pm
You guys need to update this,,the ban was lifted.
JG
October 9th, 2008 at 1:30 pm
Sorry about this! We are working on it now. I will keep you updated with our progress.
Brendan
UpDown Team