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Still holding red??
Someone keeps buying up the shares down here...did what I could.
Trading this stock is definitely not for the faint of heart.
Okay I'm in and boardmarked!! Nothing like investing in some Canadiana!! ;)
In some ICBT here...looking very strong
You might just get in here lol....gotta break out more funds if it dips more
I'm buying these up myself...just got another fill at 1.85..GLTY
New Short Sale Rules Imminent
Source: Traders Magazine
By Peter Chapman
January 7, 2010
New short sale rules are on the way.
The Securities and Exchange Commission, after wrestling with the issue for nearly a year, is expected to adopt a price-test rule for short sales this month. Also, the U.S. Congress is likely to add at least three new short sale rules to the Securities Exchange Act of 1934 as part of its overhaul of financial services regulation.
Sources tell Traders Magazine that the SEC is close to reinstating restrictions on traders who want to sell stock short. The Commission struck the nearly 70-year old uptick rule from the books in 2007, but proposed several possible replacements last year in the wake of heavy pressure to do so from the American public and the Congress.
"There are pretty strong indications that there will be some form of a price test adopted this month," said one DC-based attorney who did not want his name disclosed.
It is not known which one of the proposed rules will become law, but the betting is on the so-called "alternate uptick rule" proposed by the SEC last August. The rule would require traders who want to short stock to do so by posting an offer at least 1 cent above the best bid. Traders could not short by hitting the bid, the faster of the two selling techniques.
The alternate uptick rule was first proposed by a group of four exchange operators last spring and includes the option of a circuit breaker. If a circuit breaker test was also adopted, short selling would only be restricted if a given stock started falling dramatically--by 10 percent or so over the previous days' closing price.
Most trading houses are opposed to any new rules, seeing them as unnecessary. Still many are resigned to the inevitability of a new rule. Most hope the SEC will include a circuit breaker test with any rule it adopts.
The SEC would not comment for this article.
Much of the pressure on the SEC to reinstate a price-test rule came from Congress. Senators Ted KAUFMAN, D-Del., and Johnny Isakson, R-Ga., kicked things off with a bill last March that would've forced the SEC to bring back the uptick rule. Now Rep. Barney Frank, D-Mass., is driving the agenda.
As part of H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," the sweeping overhaul of regulation of the financial services industry, Congressman Frank has added a little noted amendment targeting short sellers.
The so-called Managers Amendment, which only became public in December, would add three new rules to the '34 Act. The first would require every institutional investment manager that shorts stock to disclose its short positions to the SEC every week, much as these organizations disclose their long positions every quarter.
The SEC would then be required to make the information public every month. The amendment does not direct the regulator to disclose the identity of the short seller. It did however leave room for the SEC to provide "additional information."
If the SEC did decide to disclose the identity of the short seller, "that would seriously affect what people do," Ed Johnsen, a partner with Winston & Strawn, said.
The SEC instituted a similar rule mandating disclosure for one year between summer 2008 and summer 2009 before letting it expire. It then said it was working with the nation's exchanges to come up with a disclosure plan.
The second amendment would add a clause to the Act that makes it illegal for someone to effect a "manipulative short sale of any security." In addition, the clause prods the SEC to add its own rules enforcing the new amendment.
The third amendment could potentially have the biggest impact on short sellers. It requires broker-dealers to instruct their customers that they have the right to refuse to loan their stocks for short-selling purposes.
Because stocks sold short are typically borrowed from investors, a refusal on the part of the shareholder to lend would make it impossible for traders to effect a short sale.
Most stocks however are owned by institutions, while the anti-short selling backlash has come mostly from the American public. Large institutions make money lending their securities and so far have shown little appetite for eliminating the practice.
Where the new regulation may have an impact is on less liquid, hard-to-borrow stocks owned by the retail public. "There may be certain short selling that can't get done because the stocks that had been hard to borrow are now harder to borrow," Johnsen said.
The Frank amendment is part of the House version of the bill. The Senate is still working on its version. The two must ultimately be reconciled before the bill becomes law. While it is possible the Frank amendment could be dropped from the final bill, Johnsen, for one, believes that to be unlikely.
New Short Sale Rules Imminent
Source: Traders Magazine
By Peter Chapman
January 7, 2010
New short sale rules are on the way.
The Securities and Exchange Commission, after wrestling with the issue for nearly a year, is expected to adopt a price-test rule for short sales this month. Also, the U.S. Congress is likely to add at least three new short sale rules to the Securities Exchange Act of 1934 as part of its overhaul of financial services regulation.
Sources tell Traders Magazine that the SEC is close to reinstating restrictions on traders who want to sell stock short. The Commission struck the nearly 70-year old uptick rule from the books in 2007, but proposed several possible replacements last year in the wake of heavy pressure to do so from the American public and the Congress.
"There are pretty strong indications that there will be some form of a price test adopted this month," said one DC-based attorney who did not want his name disclosed.
It is not known which one of the proposed rules will become law, but the betting is on the so-called "alternate uptick rule" proposed by the SEC last August. The rule would require traders who want to short stock to do so by posting an offer at least 1 cent above the best bid. Traders could not short by hitting the bid, the faster of the two selling techniques.
The alternate uptick rule was first proposed by a group of four exchange operators last spring and includes the option of a circuit breaker. If a circuit breaker test was also adopted, short selling would only be restricted if a given stock started falling dramatically--by 10 percent or so over the previous days' closing price.
Most trading houses are opposed to any new rules, seeing them as unnecessary. Still many are resigned to the inevitability of a new rule. Most hope the SEC will include a circuit breaker test with any rule it adopts.
The SEC would not comment for this article.
Much of the pressure on the SEC to reinstate a price-test rule came from Congress. Senators Ted KAUFMAN, D-Del., and Johnny Isakson, R-Ga., kicked things off with a bill last March that would've forced the SEC to bring back the uptick rule. Now Rep. Barney Frank, D-Mass., is driving the agenda.
As part of H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," the sweeping overhaul of regulation of the financial services industry, Congressman Frank has added a little noted amendment targeting short sellers.
The so-called Managers Amendment, which only became public in December, would add three new rules to the '34 Act. The first would require every institutional investment manager that shorts stock to disclose its short positions to the SEC every week, much as these organizations disclose their long positions every quarter.
The SEC would then be required to make the information public every month. The amendment does not direct the regulator to disclose the identity of the short seller. It did however leave room for the SEC to provide "additional information."
If the SEC did decide to disclose the identity of the short seller, "that would seriously affect what people do," Ed Johnsen, a partner with Winston & Strawn, said.
The SEC instituted a similar rule mandating disclosure for one year between summer 2008 and summer 2009 before letting it expire. It then said it was working with the nation's exchanges to come up with a disclosure plan.
The second amendment would add a clause to the Act that makes it illegal for someone to effect a "manipulative short sale of any security." In addition, the clause prods the SEC to add its own rules enforcing the new amendment.
The third amendment could potentially have the biggest impact on short sellers. It requires broker-dealers to instruct their customers that they have the right to refuse to loan their stocks for short-selling purposes.
Because stocks sold short are typically borrowed from investors, a refusal on the part of the shareholder to lend would make it impossible for traders to effect a short sale.
Most stocks however are owned by institutions, while the anti-short selling backlash has come mostly from the American public. Large institutions make money lending their securities and so far have shown little appetite for eliminating the practice.
Where the new regulation may have an impact is on less liquid, hard-to-borrow stocks owned by the retail public. "There may be certain short selling that can't get done because the stocks that had been hard to borrow are now harder to borrow," Johnsen said.
The Frank amendment is part of the House version of the bill. The Senate is still working on its version. The two must ultimately be reconciled before the bill becomes law. While it is possible the Frank amendment could be dropped from the final bill, Johnsen, for one, believes that to be unlikely.
New Short Sale Rules Imminent
Source: Traders Magazine
By Peter Chapman
January 7, 2010
New short sale rules are on the way.
The Securities and Exchange Commission, after wrestling with the issue for nearly a year, is expected to adopt a price-test rule for short sales this month. Also, the U.S. Congress is likely to add at least three new short sale rules to the Securities Exchange Act of 1934 as part of its overhaul of financial services regulation.
Sources tell Traders Magazine that the SEC is close to reinstating restrictions on traders who want to sell stock short. The Commission struck the nearly 70-year old uptick rule from the books in 2007, but proposed several possible replacements last year in the wake of heavy pressure to do so from the American public and the Congress.
"There are pretty strong indications that there will be some form of a price test adopted this month," said one DC-based attorney who did not want his name disclosed.
It is not known which one of the proposed rules will become law, but the betting is on the so-called "alternate uptick rule" proposed by the SEC last August. The rule would require traders who want to short stock to do so by posting an offer at least 1 cent above the best bid. Traders could not short by hitting the bid, the faster of the two selling techniques.
The alternate uptick rule was first proposed by a group of four exchange operators last spring and includes the option of a circuit breaker. If a circuit breaker test was also adopted, short selling would only be restricted if a given stock started falling dramatically--by 10 percent or so over the previous days' closing price.
Most trading houses are opposed to any new rules, seeing them as unnecessary. Still many are resigned to the inevitability of a new rule. Most hope the SEC will include a circuit breaker test with any rule it adopts.
The SEC would not comment for this article.
Much of the pressure on the SEC to reinstate a price-test rule came from Congress. Senators Ted KAUFMAN, D-Del., and Johnny Isakson, R-Ga., kicked things off with a bill last March that would've forced the SEC to bring back the uptick rule. Now Rep. Barney Frank, D-Mass., is driving the agenda.
As part of H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," the sweeping overhaul of regulation of the financial services industry, Congressman Frank has added a little noted amendment targeting short sellers.
The so-called Managers Amendment, which only became public in December, would add three new rules to the '34 Act. The first would require every institutional investment manager that shorts stock to disclose its short positions to the SEC every week, much as these organizations disclose their long positions every quarter.
The SEC would then be required to make the information public every month. The amendment does not direct the regulator to disclose the identity of the short seller. It did however leave room for the SEC to provide "additional information."
If the SEC did decide to disclose the identity of the short seller, "that would seriously affect what people do," Ed Johnsen, a partner with Winston & Strawn, said.
The SEC instituted a similar rule mandating disclosure for one year between summer 2008 and summer 2009 before letting it expire. It then said it was working with the nation's exchanges to come up with a disclosure plan.
The second amendment would add a clause to the Act that makes it illegal for someone to effect a "manipulative short sale of any security." In addition, the clause prods the SEC to add its own rules enforcing the new amendment.
The third amendment could potentially have the biggest impact on short sellers. It requires broker-dealers to instruct their customers that they have the right to refuse to loan their stocks for short-selling purposes.
Because stocks sold short are typically borrowed from investors, a refusal on the part of the shareholder to lend would make it impossible for traders to effect a short sale.
Most stocks however are owned by institutions, while the anti-short selling backlash has come mostly from the American public. Large institutions make money lending their securities and so far have shown little appetite for eliminating the practice.
Where the new regulation may have an impact is on less liquid, hard-to-borrow stocks owned by the retail public. "There may be certain short selling that can't get done because the stocks that had been hard to borrow are now harder to borrow," Johnsen said.
The Frank amendment is part of the House version of the bill. The Senate is still working on its version. The two must ultimately be reconciled before the bill becomes law. While it is possible the Frank amendment could be dropped from the final bill, Johnsen, for one, believes that to be unlikely.
New Short Sale Rules Imminent
Source: Traders Magazine
By Peter Chapman
January 7, 2010
New short sale rules are on the way.
The Securities and Exchange Commission, after wrestling with the issue for nearly a year, is expected to adopt a price-test rule for short sales this month. Also, the U.S. Congress is likely to add at least three new short sale rules to the Securities Exchange Act of 1934 as part of its overhaul of financial services regulation.
Sources tell Traders Magazine that the SEC is close to reinstating restrictions on traders who want to sell stock short. The Commission struck the nearly 70-year old uptick rule from the books in 2007, but proposed several possible replacements last year in the wake of heavy pressure to do so from the American public and the Congress.
"There are pretty strong indications that there will be some form of a price test adopted this month," said one DC-based attorney who did not want his name disclosed.
It is not known which one of the proposed rules will become law, but the betting is on the so-called "alternate uptick rule" proposed by the SEC last August. The rule would require traders who want to short stock to do so by posting an offer at least 1 cent above the best bid. Traders could not short by hitting the bid, the faster of the two selling techniques.
The alternate uptick rule was first proposed by a group of four exchange operators last spring and includes the option of a circuit breaker. If a circuit breaker test was also adopted, short selling would only be restricted if a given stock started falling dramatically--by 10 percent or so over the previous days' closing price.
Most trading houses are opposed to any new rules, seeing them as unnecessary. Still many are resigned to the inevitability of a new rule. Most hope the SEC will include a circuit breaker test with any rule it adopts.
The SEC would not comment for this article.
Much of the pressure on the SEC to reinstate a price-test rule came from Congress. Senators Ted KAUFMAN, D-Del., and Johnny Isakson, R-Ga., kicked things off with a bill last March that would've forced the SEC to bring back the uptick rule. Now Rep. Barney Frank, D-Mass., is driving the agenda.
As part of H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009," the sweeping overhaul of regulation of the financial services industry, Congressman Frank has added a little noted amendment targeting short sellers.
The so-called Managers Amendment, which only became public in December, would add three new rules to the '34 Act. The first would require every institutional investment manager that shorts stock to disclose its short positions to the SEC every week, much as these organizations disclose their long positions every quarter.
The SEC would then be required to make the information public every month. The amendment does not direct the regulator to disclose the identity of the short seller. It did however leave room for the SEC to provide "additional information."
If the SEC did decide to disclose the identity of the short seller, "that would seriously affect what people do," Ed Johnsen, a partner with Winston & Strawn, said.
The SEC instituted a similar rule mandating disclosure for one year between summer 2008 and summer 2009 before letting it expire. It then said it was working with the nation's exchanges to come up with a disclosure plan.
The second amendment would add a clause to the Act that makes it illegal for someone to effect a "manipulative short sale of any security." In addition, the clause prods the SEC to add its own rules enforcing the new amendment.
The third amendment could potentially have the biggest impact on short sellers. It requires broker-dealers to instruct their customers that they have the right to refuse to loan their stocks for short-selling purposes.
Because stocks sold short are typically borrowed from investors, a refusal on the part of the shareholder to lend would make it impossible for traders to effect a short sale.
Most stocks however are owned by institutions, while the anti-short selling backlash has come mostly from the American public. Large institutions make money lending their securities and so far have shown little appetite for eliminating the practice.
Where the new regulation may have an impact is on less liquid, hard-to-borrow stocks owned by the retail public. "There may be certain short selling that can't get done because the stocks that had been hard to borrow are now harder to borrow," Johnsen said.
The Frank amendment is part of the House version of the bill. The Senate is still working on its version. The two must ultimately be reconciled before the bill becomes law. While it is possible the Frank amendment could be dropped from the final bill, Johnsen, for one, believes that to be unlikely.
Good post from Yahoo....for a change
Almost 100,000,000 shares traded the last 2 days total versus the panic caused by about 750,000 (less than 1%) shares traded below $0.44 in After Hours today. VOLUME is what tells the story.........
From Google Finance:
Jan 13, 2010
Open:0.47
High: 0.49
Low: 0.44
Close: 0.46
Volume: 36,945,808
Jan 12, 2010
Open: 0.47
High: 0.52
Low: 0.43
Close: 0.47
Volume: 62,711,748
Today's After Hours volume is 1.3 million total, with about 750k below .44... Again, less than 1% of the last two days.
Also, I've been seeing interesting activity with ANX, from my "Below the Bid GAMES - Don't be fooled!" post:
http://messages.finance.yahoo.com/Stocks...
"Sometimes it can be a data glitch issues.... HOWEVER...
With some brokers like IB you can choose which MM to sell to, even if it isn't the NBBO (national best bid and offer). it's usually a game to get people to sell their shares since they freak when they see blocks going below the bid. a bullish sign that shares are being accumulated usually. and the big boys want to accumulate them cheaper.. after all, who would voluntarily sell their shares for less than the bid? ;)"
and
"Again, sometimes it is a data issue, but sometimes it is someone playing games. Think: if you have a LARGE bankroll and have multiple brokerage accounts and want to accumulate cheaper shares.... You know many retail investors watch level 2 and the tape like a hawk... You can pick which MM to sell to below the bid, lose a little $$ (or break even if it's another trading account)... Meanwhile, retail investors panic and sell in droves when they see: X amount of shares went below the bid!! Time to get out!!! OMG. I don't do this but have heard of it done and it's usually a bullish sign..... Right now ANX is above .47 when you had below the bid orders at $0.44 and $0.43 less than an hour ago................ Now let's see if $0.52 busts!"
Well said barefoot guy!
Why do I keep hearing people sold off today and that the PPS is going down?? In a word why? What were you guys expecting from the conference? Some of you guys give the bashers, shorters and day traders too much credit. I guess these same people are the ones that chase afterwards?
Okay...I see now. Wasn't aware the regular joe schmoe could do it now...I guess I'm still old school. I knew institutions were able to buy amongst each other thats only because of inventory purposes which involved major money. Excuse my ignorance.
"After-hours trading (AHT) refers to the buying and selling of securities on major exchanges outside of specified regular trading hours. Both the New York Stock Exchange and the Nasdaq National Market operate from 9:30 a.m. to 4:00 p.m. EST. At one time limited to institutional investors and individual investors with high net worth, AHT is now an option for the average investor as well."
Either way I don't much clout in it.
How are you able to buy after hours? I'm not allowed.
lol...who? That is incorrect sir.
I don't put too much stock (no pun intended) into AH trading. AH trades are just tickets that have not been filled from the day just being accounted for. I know alot of people seem to think its actual trading but its not. This is a great trading stock IMO...flipped it twice for 60% and 30% profit. Looking for the same tomorrow. Keeping my fingers crossed GLTY.
Held very strong today...back in for the 3rd time. GLTA
Couldnt resist in some COIN
People keep dumping or shorting above $3...good sign it keeps getting bought up at this level. Very interesting day here soon.
Been going back and forth with CYCC and PEIX....bought PEIX at 2.16 near close yesterday, flipped it today at 2.50...hoping to do the same with CYCC. GLTY
He needs to grow a pair lol...JK
Nice group!!
Group MembersAUSTIN W. MARXEAWM INVESTMENT COMPANY, INC.DAVID M. GREENHOUSELS ADVISERS LLCMG ADVISERS LLCMGP ADVISERS LIMITED PARTNERSHIPSPECIAL SITUATIONS FUND III QP, L.P.SPECIAL SITUATIONS LIFE SCIENCES FUND, L.P.SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P.
Someone bought 11% of CYCC today...WOW...something must be brewing here.
In some CYCC here...lets bounce!! BOING!
Me too...got out at 2.50 from 2.16 yesterday. Great trading stock.
Out PEIX at 2.50...great stock to trade.
Another break of 2.60 this thing should run to $3 hard.
PEIX 2.43
PEIX on the move...UP
nope...going back up GREEN
I can't say I wasn't worried but looking real strong now....could test $4 tomorrow, I jumped back in with double the position at 2.16 hopefully I can skim another 60-70% tomorrow. Seems to be a lot of shorties in this that need to cover sooner or later. Hopefully it is worthy of your board ;)
Okay advance...keep missing out buddy. Every since I've seen you on the boards I have managed to pay off my BMW, pay down my mortgage, and still making cash today on ANX and PEIX but yet you continue to bash. If anything you make me money....just knowing you are here puts a smile on my face.
Of course it will go to $3...I sold at 2.20 lol
Nice ride ZRock....just paid for my 06 335i with ZVTK profits. Was looking at the Z for the summer.
Advance tries to make a living bashing...he's not very good at it. He will never have any facts to back up what he says...been seeing him on a few boards I'm on, he keeps missing run ups because he's waiting for a price that will never come. Follow him/her and you will lose out for sure like he does.
With the conference in a couple of days and possbile buyout negotiations being hammered out....how in the hell is anyone selling here?? Shorting this is suicide IMO. GLTA
ANX...traders all over the .44 on every dip
ANX new HOD