May 8, 2009
Please bring back the up-tick rule. I have fifty years experience as a floor trader/broker/ assistant specialist, salesman and now firm owner of a major floor brokerage operation on the NYSE/ARCA......
The uptick rule that was in place for nearly 70 years needs to come back.....the reasons are simple...with out it stocks can be manipulated down by sharp and fast traders. As simple as that........if you can not HIT a LOWER bid to short stock, you can not DRIVE it down...it will eventually fall on it's own if it is going to, but it must be done with long stock...........bringing it back will not change things much, but it will definetly stop the violent swings to the downside when news is out etc...............Thank you for your time, Dick Casey
415 898 2220........I would be happy to testify.