Don't Bite The Hand That Feeds You

[eye_ater]

Uptick rule update:

http://finance.yahoo.com/news/SampP-jumps-5-percent-after-rb-14595172.html


U.S. Rep. Barney Frank, chairman of the House financial services committee, said he expects the uptick rule to be restored in about a month. The rule slows the pace of short selling 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 and you'll probably see further short-covering today."