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Last week we highlighted Bloomberg's "No Short" index of US stocks that can't currently be shorted. As shown below, the "No Short" index is down 1.43% since the SEC rules were put in place two Fridays ago. Over the same time period, the S&P 500 has declined by 5.27%, so the rule does seem to be doing what the SEC wanted it to do, regardless of how ridiculous it is.
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Can't the gain all be attributed to the first day the ban was put in place, apparently 9/19? Upon that first jolt, it looks like they shot up, on a relative basis, by about 7 or 8%. Now they are only about 4% relatively better off. It looks like other than the initial boost, they are actually doing worse on a relative basis.
Posted by: thinker | October 02, 2008 at 04:28 PM