May 8, 2009
Dear SEC:
Please bring back the uptick rule in a similar form as it was before the 2007 change. Currently, the day traders with large amounts of capital have an unfair advantage to knock down stock prices to their own advantage. The uptick rule was placed into existence in the 1930s to prevent exactly what has happened in the last year. Since the removal of the uptick rule in May 2007, the capital destruction in the stock market has been enormous.
Individual investors are fleeing the stock market since the uptick rule was abolished in 2007. There is no confidence that the individual is being protected.
Definitely reinstate the uptick rule ASAP before there are no one individuals left to invest in the stock market.
Reinstaing the uptick rule will bring back some confidence that the regulators are watching out for the individual investors.
Jerry Morreale