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Reports that NYSE Euronext [NYX 40.37 1.19 (+3.04%) ] CEO Duncan Niederauer said the SEC was considering reinstating the uptick rule were good news to Cramer. He called the federal regulator’s recent short-selling ban “ludicrous.”
“Welcome the shorts,” Cramer said. “The shorts have been dead right” about this market.
The SEC had repealed the uptick rule, which requires a stock to tick up in price before it’s sold short, under the stewardship of Chairman Christopher Cox. Cramer’s been saying that a lack of short-selling rules has been a big cause of the collapse of some of Wall Street’s most venerable institutions. But to ban the practice out right was a mistake.
“Christopher Cox is very unsophisticated.,” Cramer said. “He’s not the right man for the job.”
“I hope someone comes in and does a better job than he does,” he said
http://www.cnbc.com/id/26975872
“Welcome the shorts,” Cramer said. “The shorts have been dead right” about this market.
The SEC had repealed the uptick rule, which requires a stock to tick up in price before it’s sold short, under the stewardship of Chairman Christopher Cox. Cramer’s been saying that a lack of short-selling rules has been a big cause of the collapse of some of Wall Street’s most venerable institutions. But to ban the practice out right was a mistake.
“Christopher Cox is very unsophisticated.,” Cramer said. “He’s not the right man for the job.”
“I hope someone comes in and does a better job than he does,” he said
http://www.cnbc.com/id/26975872