Hey seems like they are re-instating the Uptick Rule!

http://finance.yahoo.com/news/Wall-Street-...b-14598326.html

NEW YORK (Reuters) - U.S. stocks posted their best day in four months on Tuesday after Citigroup said it was profitable in the first two months of 2009.

The market also got a boost, lifting shares off 12-year lows, after a key lawmaker said he expected the reinstatement of a rule that hinders short-selling.

Financials rose 15 percent after Citigroup Inc (NYSE:C - News)Chief Executive Vikram Pandit also stated in a memo to staff of what was once the largest U.S. bank that he was confident about its capital strength.

Adding to the positive tone, U.S. Rep. Barney Frank, chairman of the U.S. House Financial Services Committee, said he is hopeful the Securities and Exchange Commission will reimpose the "uptick" rule in about a month.

The rule slows the pace of short selling, or bets that a stock will fall, and could help calm volatile markets.

"There's been significant short covering in the financials today as a result of comments from Citi's chairman lending a stronger tone to the financials overall," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.

"The uptick rule possibly going back into effect would also be a significant positive for the financials. It would make it harder to short stocks," he added.

The Dow Jones industrial average (DJI:^DJI - News) gained 379.44 points, or 5.80 percent, to 6,926.49. The Standard & Poor's 500 Index (^SPX - News) climbed 43.07 points, or 6.37 percent, to 719.60. The Nasdaq Composite Index (Nasdaq:^IXIC - News) jumped 89.64 points, or 7.07 percent, to 1,358.28.

According to Reuters data, the benchmark S&P 500 went into Tuesday's session at its most oversold condition in five months, when measured by its 50-day relative strength index.

Rep. Frank also echoed earlier comments from Federal Reserve Chairman Ben Bernanke, who called for "improvements" in mark-to-market regulations, rather than suspending them. Many have attributed these accounting rules for increasing losses and writedowns on bank balance sheets.

The last time the S&P rose this much was after the U.S. government decided to rescue Citigroup for the first time in late November, when it agreed to pump $20 billion of new capital into the bank to avert a collapse that could have crippled the world's financial system.

Shares of Citigroup, in which the government more recently took a large common equity stake to help shore it up, jumped 38.1 percent to $1.45. Citi's stock has fallen about 78 percent year to date.

Other bank shares rallied, with Bank of America (NYSE:BAC - News) up nearly 28 percent at $4.79, and Wells Fargo (NYSE:WFC - News) up 18.5 percent at $11.81.

JPMorgan (NYSE:JPM - News) was the Dow's top performer with nearly a 23 percent jump to $19.50. All 30 Dow components were in positive territory.

The advance by financial shares marks a turnaround in investor sentiment after the sector has been hammered recently as banks' credit losses swelled.

Other standouts included technology shares, with a jump in bellwethers like Apple Inc (NasdaqGS:AAPL - News) halting a three-day sell-off in the sector. The iPhone maker's stock, up 6.6 percent at $88.63, provided the biggest boost to the Nasdaq 100 (Nasdaq:^NDX - News). Microsoft (NasdaqGS:MSFT - News) gained 8.8 percent to $16.48 while Qualcomm (NasdaqGS:QCOM - News) added 7.2 percent to $35.36.

Highlighting the broad-based rally, the Dow Jones Home Construction index (DJI:^DJUSHB - News) climbed 15 percent, led by Pulte Homes (NYSE:PHM - News) and D.R. Horton Inc (NYSE:DHI - News).

Trading was heavy on the New York Stock Exchange, with about 2.19 billion shares changing hands, above last year's estimated daily average of 1.49 billion, while on Nasdaq, about 2.39 billion shares traded, above last year's daily average of 2.28 billion.

Advancing stocks outnumbered declining ones on the NYSE by

a ratio of about 14 to 1, while on the Nasdaq, about five stocks rose for every one that fell.



Seems to me if 'The Uptick Rule' had NOT been a victim of de-regulation, and 'Mark To Market' would be dropped then business would make plenty of money.

Also dropping the 'capital gains tax' would spur investment! (I am a Steve Forbes fan, unlike papa).

It was also brought to my attention that somebody says I started some 'rhubarb' here in the forum?

Sorry but I don't have time to argue over what is a 'credible' source. MY info came from Yahoo Finanance and Reuters for this! ;)


OH NO! THE DJIA GAINED ALMOST 400 POINTS! OH NO! WE MIGHT BE....

(GASP)

SUCCESSFUL!!!!!

The uptick rule, adopted after the 1929 stock market crash, allowed short sales only when the last sale price was higher than the previous price. The SEC abolished the rule in 2007, after concluding that advances in trading strategies rendered it ineffective.

Senate Banking Committee Chairman Christopher Dodd said he backed the SEC reinstating the uptick rule "I wish they'd do it quickly," the Connecticut Democrat told reporters.

The SEC abolished it in 2007 because with "penny spreads" it was and is meaningless. But heh, if it builds confidence, why not? It will do nothing, but doing nothing and making people think you are doing something is a time-honored tradition in Washington DC, and so long as you don't do harm, if it helps confidence, I'm for it.

Just don't think it will stop a collapse in prices, because it won't.

"No bid" is far more powerful in terms of a collapse than an entire army of short-sellers, and there have been plenty of bid collapses in the last few months.

Indeed, let's look at the short interest on BAC; as of 10 February (the last date I have data for) it was 2.2% of the "float", or public shares available for trading. That's nothing! The short ratio (or shares short .vs. average daily volume) is only 0.3 - that is, you could cover ALL the short shares in 1/3rd of one day's average volume.

Short sales kill stock prices eh? Uh, no - the absence of bids kills stock prices, and you can't manufacture a bid where none exists.

Edited by admin. to remove insulting remark addressed to a member-in-good-standing. Read the rules: No name-calling. You're already on probation, Ult. Watch it. <_<

On second thought, Ult, I've had enough of you and the problems you're causing on this board. No more soup for you! :banned:

Ding dong, the witch is dead. I've banned him for good.

Thank You EM! I don't know WHAT he posted this time...but I am 'glad' you erased it before Bill got back in here...my cousin true has a much more firey temper than I do! :clap:

In defense of the Uptick Rule...maybe with 'penny spreads' it doesn't mean much, but at LEAST it is SOME KIND OF REGULATION! :!:

AND AFTER ALMOST 12 YEARS OF NO REGULATIONS IT IS TIME THE SEC DID SOMETHING!!! :good:

ULT...STEVE FORBES BACKED THE UPTICK RULE!...HE JUST HAPPENS TO BE A CONSERVATIVE (OF COURSE)...AN HE IS A H3LL OF A LOT SMARTER THEN YOU!

But he ISN'T a NEOCON!...HEY KARL BABY!...BETTER FIND A BETTER EXPORT METHOD FOR YOUR CRAP! :tongue:

Also THIS IS A POLITICAL BOARD!...Are WE 'partisan' here?

YOU'RE D@MNED RIGHT WE ARE!!!!

I will end with this...REV WALLY! PLEASE COME HOME!!! ;)

It wasn't a big deal. It was that old, stupid "ding and dong" thing, which is why I thought my "ding dong, the witch is dead" was clever, but of course no one will get it because they didn't see what had been posted previously. :rolleyes:

Anyway, let's hope things settle down around here now.

:clap: :clap: :clap:
:good: :good:

I don't have to know what happened in the edited post. I know what I've seen in the unedited posts.

Yay, EM!!!!

:spikey: :spikey:

Oh dear! I had to edit my post due to .... TOO MANY EMOTICONS! :P

Ya think? :!:

http://www.youtube.com/watch?v=MJE5cBGgTSU&feature=related

:cop: :dance: :dance: :dance:

I don't get it...

Permanently banned for something that 'wasn't a big deal?' :?:

I think EM was more than fair in this situation. There was a history of questionable posts that when added together made her decision justified. The worst stuff has been deleted so it's not visible now, but it was there.

earn...The BIG DEAL is NOT what Ult may have called me in this thread and others...

The BIG DEAL is EM asked us NOT to POST non-credible info from speculative sources concerning conspiracy theories...and ULT kept BREAKING THAT RULE!

I called him out on it, and he got mad and threw a hissy fit because I brought forth the issue, and he went into a 'paranoid' tirade where he still claimed my cousin and I are the same person just because we SHARE ONE COMPUTER. I am NOT rich and I am NOT investing in a laptop for when I am on the 'road' (at least NOT now)...my raspberry provides what I need and I am NOT blowing MONEY to use IT to surf the WEB! I don't have time when I am working. So when I drop in here, I use papa's computer (for now).

But back to the issue...EM is the Administrator here and if SHE wants us to ONLY post CREDIBLE sources and NOT to post Speculative THEORIES then we should DO IT! That is a done deal. CASE CLOSED!

WAYNE is ABOLUTELY CORRECT! EM had PLENTY OF CAUSE TO BAN! But EVEN if she had some doubt she is STILL ADMIN HERE! Thanx EM!! :clap:

I'd like to clear up a couple of things here.

First off, as people have already responded to earnAlGore (but I'll clarify it here), when I said to Paraclete that what Ultforeign said was no big deal, I meant that all he'd done was call him and his cousin Ding and Dong again, which by itself, admittedly, is no big deal. But in light of the history he has on this board (he's been warned and suspended several times), it was like thumbing his nose at me/Paraclete/trueconservative/our rules. He seemed to always be trying to see what he could get away with. I decided I didn't want to play his game anymore.

The second thing is more global in nature. I don't mind people posting "speculative theories." They lead to interesting debates, and as I've always said, it keeps our minds sharp to be able to engage in debates with the other members of this board. What I DON'T want, though, is tabloid-level stuff, in other words, things that are just totally off-the-wall and have no credibility whatsoever.

I don't actually remember asking that people not post conspiracy-theory stuff in general. If I did, perhaps I wasn't clear. What I was trying to stop was any more discussion of 9/11 conspiracy theories. We have been around the block with that one for years, both here and at AlGore.org, and since the overwhelming consensus among experts is that there was no conspiracy by the Bush administration to bring down those buildings, I didn't want us discussing it anymore. There are plenty of other sites where this is widely believed/discussed, and everyone is free to discuss the subject in those places.

So, speculative theories in general are not disallowed here. If, for example, someone finds an article that speculates that we may be witnessing the end of capitalism as we know it, bring it on. Let's sink our teeth into it, tear it apart, do our research, and learn from each other. Of course, the caveat there is that the article cannot come from, say, the National Enquirer. We always stress that sources should be credible. If you want to post something that sounds crazy that comes from a questionable source, then please state clearly in your post that this sounds crazy and I'm not sure about the source, but I thought it was interesting, etc.

We're not trying to run a prison camp here. A free and open exchange of ideas is the bedrock of our society. Let's just all use common sense about the ideas we choose to discuss. :good:

EM...we KNOW that! There ARE 'speculative theories' such as the end of capitalism as we know it... ;)

But when you CLAIM the Government is going to STOP you from growing and collecting FOOD...that in 3 MONTHS we will be in a SOYLENT GREEN scenario...that the nation is going to collapse and cities will burn, along with MASS PROTESTS & RIOTS....

JUST BECAUSE THEY ARE NOT IN POWER? :?:

(and you start HOPING & ROOTING for IT!) :!:

And back it up with sources that ARE Conspiracy Theory Sites! Then YOU are basically yelling FIRE in a 'crowded' building! THEY are DOING this on NEOCON Radio RIGHT NOW...and I DO NOT WANT THAT CRAP EXPORTED INTO THIS FORUM! :angry:

EM...Al001 posts speculative info from CREDIBLE SOURCES...and so does 'blue' and the REST OF US! ;)

But I think it was 'unfair' to rip on Rev Wally...He WAS obeying the 'rules' here just like I was until Ultforiegn started THIS THREE RING CIRCUS!...He's mad...EM, but HE WILL GET OVER IT! ;)

Wally & I ALREADY KNOW sites where YOU can post ALL THE CT YOU WANT!...As a MATTER OF FACT THEY HAVE SPECIAL SECTIONS FOR IT! :P

BUT NOT HERE!!!...THIS IS A POLITICAL SITE...DEVOTED TO AL GORE!

Speculative Theories? OK!

OFF THE DEEP END?

NO!

You know what REALLY kills me EM? I had offered to make 'peace' with ult, countless times...offered to show him forums where he could POST ALL THE CT he WANTED!...(as a matter of fact VOUCHED for the SOB at those sites)...and got screwed for it!

EM I had Rev Wally vouch for ult at an 'invite only' forum...as did I as well...Wally said he REGISTERED! But POSTED NOTHING THERE! :angry:

NOW I look like a 'horse's @ss' there because I breached THEIR security for somebody who was basically just following ME around to make TROUBLE for me! :angry:

(Yes, EM, I haven't forgotten my 'paranoia' experiences in Florida thanx to a 'stalker')... :o

BUT...How else do you explain it? He SAT at these OTHER sites as well, waiting for ME to show up!...He GOT 'shot down' at Current because I had tooooo many friends there for him to contend with, and they are very STRICT at Current...(they edit your posts as you write them there)...

I NEVER SHOWED AT THE INVITE SITE SO HE NEVER POSTED THERE! :blink:

Call me 'paranoid' everybody, but I FELT ult was performing some kind of Rovian Vendetta Action against ME! :o

BUT IT FAILED! :Y:

I KNOW IT SOUNDS DEEP END EM...So I will put an end to it here! ;)

GREEN ALERT! GREEN ALERT! THE DJIA IS UP ANOTHER 216 POINTS!!!! :!:

QUICK! RU$H! $EAN!! GLENN!! KARL!!! DOWNPLAY IT! DOWNPLAY IT!....

OH NO! THIS MAY INDICATE THAT THE US ECONOMY IS....(GASP)...

IMPROVING!!!!....OH NO! DREADED SUCCESS!!!

Okay, Paraclete, I hope we can all move on now and just get back to discussing the issues of the day without all these distractions. I never did understand what his motives were in being here, and I tried to give him the benefit of the doubt, but now we've handled the situation, and we should put it to rest.

So, on to other subjects . . . I really can't even watch the news anymore, it gets me so upset. I know the Dow posted a modest increase yesterday, with a several-hundred point increase the day before. And now you say it's up a couple of hundred points more today? Well, it's probably not time yet to start dancing in the streets, but this is good news. Our daughter's college fund has lost so much of its value, and let's not even talk about our savings. Maybe this little boost will be enough to prompt some people to go out and start buying things like cars, etc. As contrary to our impulses as it seems, what we all need to do is spend, while we also try to save. :?: I'm not exactly sure how to do that, but that's how I understand the situation. For me, I don't have any choice but to continue driving my 9-year-old minivan. No new cars in our future, at least not for quite a while. We just made the last payment for my son's college (he's graduating in May--hallelujah!), and we realized what idiots we were to pay in cash instead of taking out some of that in loans, but we didn't want anymore debt. So now we've got no cash left! :o Well, not much, anyway. Well, you live and you learn.

Let's hope this trend in the Dow continues, although I doubt it will. The illness runs deep, and it's not just our economy, but the global economy that's sick. Still, maybe Obama and his people have injected the necessary medicine to let the patient begin to heal himself. Maybe. :Y:

I agree EM...we aren't out of the woods yet...but ALL WE HAVE TO DO IS STICK TOGETHER & BELIEVE!!!

The Secret?

FOLLOW THE YELLOW BRICK ROAD!



http://www.youtube.com/watch?v=XlEhJDUaHFo&feature=related

http://www.youtube.com/watch?v=q7OQwGr-5wI&feature=related

The Wizard Of Oz was made right before we entered WWII! WE DID IT ONCE AND WE WILL DO IT AGAIN!!

LET THEM NAYSAY AND HOPE FOR THE WORST!!!!

IT WILL BE THEIR DOWNFALL!!!

;)

But for those of us who DARE to HOPE!...WHO DARE TO DREAM!...THE BEST IS YET TO COME!!!

:clap:



And to GOOGLE ADS and SODAHEAD.COM...

I DO NOT REGRET VOTING FOR BARACK OBAMA!

That is a very slippery slope because it can lead to propaganda and some just pulling BS straight out of their ass to smear someone. Then someone else reads it here and posts the so-called "speculative theory" on another site or sites. Then the damn thing goes viral and is all over the web. This is one of the tactics that the right has used to spread mis-information.

As Wintson Chruchill once said, ""A lie gets halfway around the world before the truth has a chance to get its pants on". And they didn't have the internet in Churchill's day.

Our first allegiance should always be to the truth and facts otherwise we are part of the problem.

Not being 'waffly'...but James DOES make a 'good' point EM... :coolwink:

James and I have been around this argument before. I understand the point, but I think for us to not be able to talk about things that haven't been proven as fact would be a real shame.

It is a slippery slope, no doubt about it. But there's a difference between an outsider coming here and posting lies about, say, climate change, and one of our own members posting something interesting they read but aren't sure about (or something where the jury is still legitimately out about whether or not it's true).

I think we can police ourselves just fine regarding that. And as for being concerned about a lie getting spread all over the internet because of something we said, that doesn't really make sense. If someone posts an article or link here that they got from somewhere else, then it's already out in public for the world to see. I think we have to give ourselves credit for being intelligent enough to know when we're furthering dangerous lies and when we're discussing a legitamately controversial subject. This is one reason I won't allow discussion of the so-called 9/11 conspiracies. The expert consensus is that there was no conspiracy, so we won't give veracity to the subject by discussing it here as if there was a conspiracy.

I trust us and our moderators to make wise decisions about what we can discuss without furthering right-wing propaganda. And I think ham-stringing us does a disservice to getting at the truth. There is no field of knowledge in which speculative theories aren't debated, tested, and then confirmed or dismissed. This is how we arrive at the truth. So debate we shall.

That is more than a 'substantial' answer EM just gave James..we HAVE to be open on some issues... ;)

EM...what I AM AGAINST are these 'totally' unsubstaniated rumors that the Government is going to declare 'martial law'...and that our cities will be 'aflame' by summer...To ME...THAT is trying to cause a 'mass panic'...(especially if it is taken as 'truth' as opposed to 'speculation'...

I am NOT saying we should NOT pay attention to certain serious and critical subjects...but when you do it in lieu of causing a 'mass panic'...then THAT is totally WRONG! Just like it is WRONG to 'root' for a economic collapse....just like it is WRONG to 'root' against our Troops... :angry:

THEY like to Play a tactical game called 'Hide Behind The Troops'...that is where THEY wrap themselves in the FLAG...HIDE behind our SERVICE PEOPLE...While THEY continue to HURL BRICKS at the Administration...TOOOO COWARDLY TO SERVE THEMSELVES WHILE THEY USE OUR TROOPS LIKE HUMAN SHIELDS! :!:

Hypocrites! :angry:

Actually, Paraclete, my post was addressed to you, not James. I was merely mentioning that this is well-trod territory between me and James, and it once led to a blow-out I'd prefer to leave deep in the past. Suffice to say I understand and respect his viewpoint, and our agreement on the subject is much greater than our differences.

Far be it from me EM to bring up past events that caused any friction! :o

You see, I am NOT an instigator here! ;)

You want it buried then "Let It Be"...


http://www.youtube.com/watch?v=67J_66hdN-I


:Y: