February 17, 2009
KeyID: 441
-----Original Message----- From: TC [mailto:tttc@charter.net] Sent: Tuesday, February 17, 2009 10:19 PM To: CHAIRMANOFFICE Subject: SEC Chairman Mary Shapiro
Mrs Shapiro
First, Congratulations on your appointment.
I writing to inquirer about the "Uptick Rule" I believe the removal of the "Uptick Rule" added to the volatility of the stock market. Jim Cramer of "Mad Money" commented on how the removal added to the volatility and added additional leverage for the shorts in the market.
I've heard and read several comments about the "Uptick Rule" and the elimination was really to assist in program trading. Which I believe added to the volatility for Hedge Fund computer programing trading.
I've read the lengthy (SEC Explanation) University study on how removing the "Uptick Rule" did not effect the volatility of the market for trading or the outcome for trading stock.
I would ask that you consider reversing the "Uptick Rule" for one month or even reinstating the rule altogether. I'm not against short trading. I just don't like "naked short selling" with failure to deliverer. I just want a level playing with a honest playing field in the markets
Thank you for your time
Tony Camillo