April 29, 2007
I readily support the proposed SHO admendment. Large groups and offshore brokers easily manipulate stocks and markets with naked short selling. The SHO list was a start, but to date there is little enforcement. I have seen PFSW and HNAB to name two that have been manipulated recently, PACT and others in the past.
To not have more enforcement of naked short selling rules is to limit the ability of the individual investor to make decisions based on fundamentals and instead is forced to attempt to be a momentum trader. I believe naked short selling should be enforced in the same manner as any commodity price fixing scheme.
Thanks