April 23, 2009
Please consider reinstating the Uptick rule May 1st on a temporary basis BEFORE the results of the stress tests are published. You can still entertain the 60 day comment period before making permanent the regulation(s).
The text below was taken from the internet today, Apr 23rd.
Strategy Session with the Fast Money Traders: Ive got my eye on the results of the stress tests due out Friday. I can't imagine regulators allowing any banks to fail, but if they do Id short them immediately. I'm seeing a lot of put activity in Regions RF 5.82 0.02 (+0.34%). I think the ProShares UltraShort Financials ETF SKF 59.632-4.398 (-6.87%)is a good play.
With no Uptick rule in place, and the many ETF short funds available, companies can be sold down to $0.00 without SEC controls in place. If the Treasury and the SEC cannot coordinate their programs, you can bet that the shorts will be lined up and fully loaded for bear (raids) on the very companies the government is trying to help.
Seriously, Jc