imt

The SEC's Campaign Against Naked Shorting: Misguided or Right On?

I am yet foggy over the whole "naked" aspect with regards to companies with shares as accessible as Citigroup and others in its class. As soon as this rule was announced, Fidelity disallowed shorting on all big named financial and brokerage stocks. Period. When I inquired as to whether they had been participating in illlegal activity by allowing sales of shares they could not deliver within a reasonable length of time they gave me a round about answer as to it being a 'corporate decision concerning the health and stability of the overall market'.
What it amounts to is stocks only being able to trade higher because the SEC stepped in and eliminated the balance system. No matter how horrible the news most financials will now pullback temporarily only to inevitably head higher.
This action by the SEC should be deemed illegal.