SEC Votes 3-2 To Curb Short Selling After 10% Stock Drop

[DimPrawn]

PS. No one cares.

[AtW]

By Tiernan Ray

The Securities & Exchange Commission has voted 3-2, Dems versus Republicans, to pass the “modified uptick” rule on short selling, which I discussed on Friday, according to Dow Jones Newswires’s Fawn Johnson.

The rule that says that you can’t short a stock after it has fallen more than 10% in a day, sometimes referred to as the “circuit breaker” rule.

Or, as Johnson more aptly describes it,

Under the rule, a price test would be triggered for a security any day in which its price declines by 10% or more from the prior day’s closing price. For falling stocks, the rule will allow short selling only if the price of the security is above the current national best bid.

Source: http://blogs.barrons.com/stockstowat...od=rss_BOLBlog

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You bloody communists!!!