Subject: File No. S7-08-09
From: James L King
Affiliation: Retired Principle Engineering Designer

May 5, 2009

It is imperative that the SEC establishes a market wide Uptick rule, similar if not identical to the former Uptick rule.

Currently, operating without the restrictions imposed by a Uptick rule, Hedge Funds and similar institutions can, and have used their monetary wealth to manipulate the prices of economically sound Corporations downward with the sole purpose of diverting the wealth of these Corporations and their stockholders into their Funds accounts. By doing this, great harm has been created to these Corporations, their stock values and in the end, to those of us who have our investments in these Corporations Stocks.

Having no barrier to minimize the speed that these Funds can drive stock prices down induces "panic selling" by Stock owners which further decreases the stocks value and creates a volatility which only serves the Funds interests.

The presence of a Uptick rule will not have a devastating effect on the Hedge Fund and similar companies as has been shown by the success these Fund companies have operated for under the former restrictions.

The increased Market stability provided by the return of the Uptick rule will enhance the desirability of putting funds into the Stock Market. It will aid in providing a more stable Stock Market which in turn will provide Corporations and Stockholders with a more predictable Stock value and help to stabilize the overall economy of our Nation.

Please reinstate the Market Wide Uptick rule.

James L. King