May 4, 2009
As an individual investor I support the reinstatement of the up tick rule.
I strongly believe that the practice of naked short selling should be discontinued. An individual or institution who wishes to sell a stock short should be required to actually borrow the stock from another individual or institution before selling it. Furthermore, any entity lending out shares should only be allowed to lend out a number of shares equal to the number they actually hold. I owned one particular stock which was the victim of naked short selling. I dont mind losing money if the market goes against me, but the big institutional players need to be ready to accept the same pain if the majority of stock holders decide to stand pat and not sell. Shorting has a place in the market but so does the short squeeze. It is time to level the playing field and eliminate short selling.
Thanks for your attention in this matter.