April 14, 2009
I dont think we ever should have got rid of the uptick rule. If it is not broke dont fix it. I understand the need for change sometimes, however, the market did just fine with the uptick rule and 1/16ths or 1/8ths.
Go back to the uptick rule. I am not sure why some people think you should not be able to short. It is a free market system. IT kind of reminds me of the people that buy a house and think it can only go up. It is this kind of thinking that got us in trouble in the first place.
I also think, going back to 1/16ths or a 5 CENT spread would do the market well. That combined with the uptick rule, would serve the market well.
It is ok if mistakes are made, such as pennies or no uptick rule, but you have the ability to go back to where
it was and things worked. I just hope the higher ups at the SEC see that, and dont worry about saving face or going back to the way the market traded for years.
GO BACK TO THE UPTICK RULE AND LET STOCKS TRADE IN 1/16THS
OR 5 CENT INCREMENTS.