May 5, 2009
There should definitely be an uptick rule on short selling. If anyone has any doubts they should look back to October 9, 2008 when the market was off 800 points. Both Exxon and Chevron, both Dow components were off 9 points each. If that doesn't show that there was a concerted effort to push the markets down and profit from short selling I don't know what would. I manage our companies small pension plan and will not invest any major portion of our monies into the stock market until there is some rule to protect us from outright market manipulation by short sellers.
PS. If there is not going to be an Uptick rule I dont know why we waste taxpayers money on an SEC