May 5, 2009
Cox was stupid in doing away with the old uptick rule. Obviously, the Commission did not understand how the stock market functions. Furthermore, not enforcing the naked short sale rule is a huge mistake.
Only the uptick rule will work. The work arounds are waste of effort.
Also the issue of short ETFs must be addressed. As I see it, they are not addressed in the proposed rule changes. Perhaps the work around proposals would work for these.
So, a combination of the uptick rule and the work around proposals maybe needed to solve the obviously problem.