We had a rip roaring 2 week rally. Today, the SEC announces the end of Naked Short Selling by Broker/Dealers (this is an operational nightmare, but nevermind... the public has been convinced by media reports that this is the problem)... and what does the market do?
Nothing.
Looks to me like somebody knew about this 2 weeks ago... just not you and me.
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3 comments:
G:
There is something to this. There has been also a concerted effort by the clearing firms to clean this up. But there is another part to this. The big stock loan desks have been very tight. There have been unexplained and massive buy ins over the last 3 months. My theory is that the big BDs have been forcing buy ins and then front running the buy ins. Nice.
LD
You've probably seen this from Kunstler;
http://kunstler.com/blog/2009/07/evil-syndicated.html#more
Lenny:
No question about the buy ins... the MS got hit with one just yesterday.
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