From: James Nikonchik []
Sent: December 17, 2003
Subject: File No. S7-23-03

To whom it may concern,

I think that the SEC should enact regulation SHO. I am a small time investor who likes to research and invest in up and coming companies, mostly on the OTCBB or Pink Sheets. Although I only spend about $1000 a year on stocks, I have seen the manipulation and lost money because of what I feel is short selling and abuse of the system.

Some of the traders out there make a living investing is Sub-penny stocks, but there are thousands of people like myself, who feel that losing a couple hundred dollars is a lot to loose, and how need Regulation SHO enacted to stop the blatant manipulation.

Thank you.