May 5, 2009
THE FACTS ARE QUITE SIMPLE:
1) FOR 70 YEARS, THE OLD UPTICK RULE HAD BEEN IN PLACE
2)IN 2007, THE UPTICK RULE WAS TAKEN AWAY
3)THE MARKETS BEGAN CRASHING IN 2007, AND ABUSIVE SHORT SELLING WAS A PRIMARY REASON COMPANIES SUCH AS LEHMEN BROS.
AND BEAR STEARNS WERE DRIVEN INTO THE GROUND.
4)WHEN CHRIS COX AND THE OTHER SEC MEMBERS TOOK A TEST SAMPLE TO SEE HOW REMOVING THE UPTICK RULE WOULD AFFECT THE MARKET,
THEY USED THE YEAR 2005 AS THE TEST YEAR.
5)2005 WAS A PURE BULL RUN YEAR WITH EVERY SECTOR IN THE BROAD MARKETS RUNNUNG UP AND UP.
6)THE SEC MEMBERS DID NOT USE A FAIR SAMPLE TO DETERMINE HOW TAKING AWAY THE UPTICK WOULD AFFECT THE MARKET.
7)LARGE HEDGE FUNDS NOW SEEM TO CONTROL THE MARKETS AND SHARE PRICES SEEM TO BE COMPLETELY MANIPULATED.
PLEASE REINSTATE THE OLD UPTICK RULE AND BRING ORDER ONCE AGAIN TO THE MARKETS. THE AVERAGE RETAIL INVESTOR DOES NOT HAVE A FAIR CHANCE WITHOUT THE UPTICK RULE IN PLACE.