...regarding the S&P, I am not convinced that the SEC limitations on short selling are prudent measures to limit speculation or that it is a good thing for market stability. I am not certain what this will do to intraday volatility (Long/Short funds will be hampered in going short), but my first inclination is not a positive one.
As a side note, the SEC is so desperate to remain relevent in light of the Fed and Treasury usurping its authority that it may have overshot by a large margin here. Regulatory turf wars will beget bad decisions as each agency wants to look good in front of Mom and Dad.
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