May 30, 2009
I understand the SEC is reviewing short sale rules, particularly the "uptick" rule. I support this rule. Making sure a short seller has to sell on an uptick is both logical and effective. Prior to the great market crash of 1929 it was not uncommon for speculators, either individually or in a group to drive down the price of a security. One of the favored tools was to sell and then keep on selling driving the price into obscurity. By eliminating the uptick rule the same conditions now apply. Reinstate the uptick rule.