August 18, 2009
Dear Chairman,
Subject: In support of the "above bid short selling rule.
As a seasoned investor, I've witnessed no-win investment situations time and time again on the securities of a multitude of fundamentally promising small cap companies. My observation is that the SEC is effectively allied with a trading-gambling-casino-like-system where the odds greatly favor the "house" where the "house" effectively controls price movement rather than investors via free market place price discovery. In this case the "house", appearently, are parasitic entities which are actually foreign to free markets, foreign to free market price discovery and foreign to the investing public.
Under these conditions, Isnt it a matter of time that the investing public, both domestic and international, will abandon US markets? What then? How much time do we have to take corrective action...EFFECTIVE corrective action?
A relatively simple check that was in place for nearly seventy years, the "Uptick Rule", helped serve the markets well in balancing various participants' interests. I urge the SEC to reinstate such a price test rule, and specifically would urge a plus tick rule over other alternatives such as a "best bid" or "circuit breaker" test.
Thank you for your serious consideration,
David C. Sinclair