Subject: File No. 4-581
From: Henry C Warner, Mr.
Affiliation: Retired Program Analyst

June 12, 2009

Dear Commissioners,

The elimination of the "up tick" rule has had profound impact upon the market and individual stock investors. This was compounded by the un regulated sector of the markets and their opaqueness.

The volitility execerbated by program traders produced great profits for the actors, but great losses for those who sought market stability and conservative investments in their savings and retirement accounts.

The Wall Street Journal article dated Wednesday June 10,2009 C5 describes some of the impact past mis mangement and and "free market" comcepts.

Many are paying a high price for their confidence placed on past administration carelessness. Such damage will not be easily repaired with the general public. I can not recommend to friends or others that confidence and stability as been established .nor do I view fundamental investment tools as a safe answer to those who inquire.

I urge the SEC to take necessary action to again assure that
the individual investor has a equal opportunity to view the market as a sound invest venue.


Henry C. Warner