Regulation SHO and Naked Short Selling

I haven't yet talked about Regulation SHO, the new rule to crack down on naked short selling--the practice of selling short shares you haven't really borrowed. (Some allege, more precisely, it is the practice of lending out the same share multiple times.) I think there is still a lot of uncertainty about this, about how serious the crackdown is, how it will all play out, and (most importantly), is there a play here. IBD has had some news on this, such as here (although I gotta say the article took on a conspiracy theory tone, like those articles about how the gold futures market was all a scam)

At any rate, the comprehensive explanation of the whole thing is here. From the regs:

"when a participant of a registered clearing agency has a net settlement failure in a threshold security for 13 consecutive settlement days, two consequences follow: (1) the participant must immediately take steps to close out the fail to deliver position; and (2) until the fail to deliver position is closed out, the participant and any broker or dealer for which it clears transactions must borrow the security that is the subject of the fail, or enter into a bona-fide arrangement to borrow such security before the participant or such broker or dealer may effect any subsequent short sales in such security. (italics mine) This pre-borrow requirement remains in place until the participant closes out the entire fail to deliver position. Therefore, a participant that has a close-out obligation for a threshold security may effect short sale orders for such threshold security up to the amount pre-borrowed."

In other words, you can naked short until we catch you, than you can't short till you cover.

Perhaps more useful is, can you play this? The thinking seems to be, if a stock appears on the list, there was naked shorting, which will have to be covered, thus there will be a short squeeze, so the play is when a stock appears on the list, go long for the pop that will occur as the naked shorts cover. I'm not really sure this is happening. Random Roger had a comment to a post on his site where the commenter indicated this was happening with a particular issue. Perhaps so.
I did a quick and dirty little experiment. I went thru the AMEX threshold list of issues that meet the SHO criteria for today. I found about 70. Curiously, many of them were iShares. I only found a handful(7) that had significant moves (defined by eyeballing the chart--no I didn't use numbers--I told you this was quick and dirty). Of these, only one, GFX, had a big move that seemed at all temporally related to being listed on the Regulation SHO threshold list.
Anyhow, if you want to keep track of these, here is the NYSE list, the Nasdaq list, and the AMEX list.

MONEY QUOTE--by my quick and dirty eyeballing of some AMEX stocks, getting listed on the SHO threshold list doesn't seem to be a catalyst for a quick short term move.