2 green nights in a row...thats just laughable, page-23

Further to my last post, the following is from Yahoo

I mention this because yesterday SEC chairman, Christopher Cox, announced his agency would disallow naked shorting in Fannie Mae (FNM) and Freddy Mac (FRE), which means investors that want to short these stocks must borrow the shares first. This new rule will be in effect for the next 30-days.

I think it’s a good decision, albeit very late in the game to stem this massive bear raid. The fact of the matter is the stock market has been going down a slippery slope since the SEC changed the so-called uptick rule, which meant stocks didn’t need an uptick before they could be shorted. I’m still not sure who thought that was a good move. According to my friend John Tabacco at www.tabaccomedia.com, the SEC thought they would be okay because of a provision, the Location Requirement, which would mean firms would have to have a bona fide route to acquire the shares (know their location). That part of the deal was never enforced and the shorts have been growing and marauding like Huns ever since.