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Yes this could easily play into it, but it would not be public activity.
Wall Street publishes, to the firms boxes, a hard to borrow list every
morning prior to the opening of business. The borrowing and lending of
stock is huge profit center for the firms..... we call it the box business.
Rarely .. rarely is a stock actually not available to borrow. It is not
uncommon that a firm will not have stock to lend from their own box and the
stock may be hard to short at a specific firm. They can, often, still
borrow it to short, but they may have to "pay" to borrow it rather than get
a credit from the short. If you are a retail customer you get the simple
answer that a stock is not available to short or difficult to short .. it
simply means they don't want to go to the street to borrow the stock. If a
stock we actually not available to borrow YOU COULD TELL immediately by
looking at the option values the puts would appear extremely overvalued
relative to the calls. The reason they would appear overvalued relative to
the calls is that option prices assume put pricing earns short stock rebate.
If you pay instead get rebate the puts appears too expensive relative to the
call.
There is virtually no real shorting for any size or any period of time from
the investing public. There hasn't been since the late 70's when puts
became widespread.
-----Original Message-----
From: Lee Morris [mailto:LMorris@xxxxxxxxxx]
Sent: Saturday, October 06, 2001 1:07 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: RE: [RT] VERY HEAVY BLK activity ON MSFT
how would heavy option plays tie into this?? could the aval loanable stock
be getting sucked up by the firms to hedge option activity??? if so what
would that option activity be
-----Original Message-----
From: Dorothy K. Carter [mailto:dorothy.carter@xxxxxxxx]
Sent: Friday, October 05, 2001 8:19 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
The average public has to play by rules I layed out I believe.. The point
though was the list of stocks that were mentioned which are very liquid
widely held stocks...... so there should not be a problem shorting those
particular stocks...... that was my point... Your comments don't point to
any reason why those stocks would not be able to be shorted....... I can't
speak for dealers or market makers or specialists.. obviously they don't
have to deal with uptick rule....... the average investor does ... though
there has been talk about changing the uptick rule.. I know hedge funds are
pushing for that change... So the back to the original question.... Do you
really believe that this last week there would be a time when stocks like
MSFT, INTC, ORCl etc could not be shorted unless the stock was not
available by stock loan of the particular brokerage firm that this person
was inquiring??????
----- Original Message -----
From: "Jacobson, Alex" <AJacobson@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, October 05, 2001 8:10 PM
Subject: RE: [RT] VERY HEAVY BLK activity ON MSFT
> No uptick for dealer hedge trades in OTC stocks. The $5 rule is to make
it
> marginable. Stock that can't be margined are, in fact, shortable.....hard
> for the general public .. but very common overall.
>
> -----Original Message-----
> From: Dorothy Carter [mailto:dorothy.carter@xxxxxxxx]
> Sent: Friday, October 05, 2001 8:02 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
>
> There are three things to my knowledge that determine if a stock can be
> shorted.. the first requirement is most firms only allow margin on stocks
> north of $5..... then you have to get authorization from your broker's
stock
> loan dept. to short it.. thirdly you have to get an uptick...... all the
> the examples below fit north of $5 and we have seen plenty of upticks this
> week... so the only remaining question would be if the firm's stock loan
had
> stock to loan.... I know of no other requirements for shorting stocks..
> enlighten me please if I've missed something........... best, Dorothy
>
>
>
> ----- Original Message -----
> From: "Jacobson, Alex" <AJacobson@xxxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, October 05, 2001 7:50 PM
> Subject: RE: [RT] VERY HEAVY BLK activity ON MSFT
>
>
> It is not true. Other than tick restrictions. If they became unshortable
> for any period the industry would have had to halt option trading.
>
> -----Original Message-----
> From: John Nelson [mailto:trader@xxxxxxxxxxxxxxx]
> Sent: Friday, October 05, 2001 7:37 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: RE: [RT] VERY HEAVY BLK activity ON MSFT
>
>
> At the Society of Market Technicians meeting last evening one of the
> participants mentioned that several of the large popular stocks (Intel,
GE,
> Mmicrosoft) were not shortable during the trading day. No one would lend
> these major stocks for shorting and thus there was a strong uptrend in the
> E-Mini.
>
> I'm curious as to what other people observed... could this be true? Does
it
> indicate a form of "manipulation" and an attempt to move markets higher?
>
> -- John
>
> -----Original Message-----
> From: Dorothy Carter [mailto:dorothy.carter@xxxxxxxx]
> Sent: Friday, October 05, 2001 11:16 AM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
>
> I'm sure you noticed that "they" were buying MSFT this morning trying to
> keep it up to create firm tone to get S & P traders to cover shorts... now
> softy below 57 again. Richard Ney was the person I'm most familiar with
who
> is a big tracker of blks.. It takes a while to get a feel for it and it
does
> require a bit of intuition........ :-)
>
> ----- Original Message -----
> From: BobR <mailto:bobrabcd@xxxxxxxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <mailto:realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, October 05, 2001 2:10 PM
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
> That big block technique looks very intriguing. One other rter used to
> follow them. Believe it was Gitanshu Buch. Right now we have the kiss of
> breadth going on in the Nasdaq. It looks improved from this morning, but
> the NDX has been inching up as the issue and volume breadth has been and
> remains net negative.
> View for NYA looks even sicker.
>
> bobr
>
>
> ----- Original Message -----
> From: Dorothy K. Carter <mailto:dorothy.carter@xxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <mailto:realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, October 04, 2001 11:08 AM
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
> USING MSFT data below.. note the lowest of the blks is 57.. MSFT has
dropped
> below the higher blk trades which will now become resistance vs support..
so
> once below 57 all the mutual funds that bot softy are under water... These
> stocks many are back up to 9/17 or pre 911 and the specialists and market
> makers will jump at the chance to sell what they had to buy on the way
down
> and then they will go short again... I WILL CHECK AND SEE WHAT PRICES OF
> BLKS IF ANY ARE ON THE OTHERS... I BELIEVE I SENT CSCO EARLIER....
>
> ----- Original Message -----
> From: BobR <mailto:bobrabcd@xxxxxxxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <mailto:realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, October 04, 2001 2:02 PM
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
> Dorothy, using the big block concept, what do you see as the sell levels
on
> these stocks? Thanks, bobr.
>
> MSFT
> INTC
> QCOM
> CSCO
> ORCL
> AMGN
>
>
> ----- Original Message -----
> From: Dorothy Carter <mailto:dorothy.carter@xxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <mailto:realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, October 04, 2001 10:51 AM
> Subject: [RT] VERY HEAVY BLK activity ON MSFT
>
> This tech rally is getting long in the tooth....
>
>
> Symbol(s) N/BLK & Services Date
>
> Use Page Up, Page Down, +, -, or press Ù
>
> --------------------------------------------------------------------------
--
> ----
> 1:34 DJ DJ Microsoft Corp (MSFT) Block: 194,700 Shrs At 57.80
>
> 1:21 DJ DJ General Elec (GE) Block: 287,000 Shrs At 38.35
>
> 1:21 DJ DJ Eli Lilly (LLY) Block: 250,000 Shrs At 79.00
>
> 1:17 DJ DJ Barnes & Noble (BKS) Block: 275,000 Shrs At 38.00
>
> 11:53 DJ DJ EDS Corp (EDS) Block: 190,200 Shrs At 57.65
>
> 11:50 DJ DJ Microsoft Corp (MSFT) Block: 190,000 Shrs At 57.96
>
> 11:50 DJ DJ EDS Corp (EDS) Block: 190,200 Shrs At 57.65
>
> 11:42 DJ DJ EDS Corp (EDS) Block: 190,200 Shrs At 57.65
>
> 11:41 DJ DJ Microsoft Corp (MSFT) Blk: 250,000 Shrs At 57.00
>
> 11:41 DJ DJ Financial SPDR F (XLF) Blk: 667,500 Shrs At 25.43
>
> 11:28 DJ DJ Microsoft Corp (MSFT) Blk: 250,000 Shrs At 57.00
>
> 11:13 DJ DJ Qwest Communicat (Q) Blk: 627,200 Shrs At 16.45
>
> 11:12 DJ DJ Amer Intl Group (AIG) Blk: 200,000 Shrs At 79.25
>
> 10:57 DJ DJ Apt Invest & Mgm (AIV) Blk: 250,000 Shrs At 43.20
>
> 10:57 DJ DJ Microsoft Corp (MSFT) Blk: 200,000 Shrs At 56.70
>
> 10:56 DJ DJ SW Airlines (LUV) Blk: 890,000 Shrs At 16.25
>
> 10:49 DJ DJ Amgen (AMGN) Blk: 190,400 Shrs At 58.72
>
> 10:38 DJ DJ Boeing Co (BA) Blk: 444,800 Shrs At 36.10
>
> 10:38 DJ DJ Microsoft Corp (MSFT) Blk: 231,900 Shrs At 57.00
>
> 10:32 DJ DJ Apt Invest & Mgm (AIV) Block: 250,000 Shrs At 43.20
>
> 10:32 DJ DJ Amgen (AMGN) Block: 190,400 Shrs At 58.72
>
> 10:32 DJ DJ Microsoft Corp (MSFT) Block: 231,900 Shrs At 57.00
>
>
>
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