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I am glad I made myself clearer.
About the SEC, how is opening another account getting around trade
rules. Perfectly legal. I am not getting around any rules at all. The
uptick rule is there for a reason. Historically to prevent IPOs and
markets from being shorted to the ground. Good rules. SO I have to wait
for an up tick just like anyone else. As far as I know, I have heard
that in some accounts you can be both long and short the same security
in the same account. Which firm? I don't know. At Datek you can't.
Harley
Eric wrote:
> Ok Harley, I still don't see that it would be worth it, but I do
> understand your angle of trying to avoid the uptick rule.
>
> Good luck.
>
> My only other comment would be... have you actually been told be
> someone that this is perfectly legal. I don't know if it is or
> isn't.
> But generally the SEC deems that any strategy (parking,etc)
> specifically
> designed to circumvent securities rules is fraudulent.
>
> THough you are a small fish, it is still better to be safe than sorry.
>
> (IMHO)
>
> Eric
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