May 5, 2009
Chairman Shapiro
This recent market downturn is the worst I have experienced in my lifetime. I cannot help but believe that the 2007 expiration of the uptick rule has helped exacerbate this situation. As small investor I have followed all the rules dollar cost averaging, conservative investments, only moderate risk at a younger age, yadda, yadda, yadda..and now as I near retirement I have no profit and only hope to recoup my original investment.
I understand that institutional equity traders may choose more risk in their practices but this aggressive short selling and market manipulation has hurt individual investors. I strongly believe that the uptick rule 10a-1 should be reinstated. I favor the market wide permanent approach as stated in the proposed uptick rule (not modified).
Regards,
Patricia Sherwin