July 25, 2008
For christs sake, Please expand the ruling to include all Stocks in all exchanges.
Why Protect the financial sectors.. and not all sectors.
By allowing Naked Shorting its virtually 2 against 1.
I'll Explain.
If I have to buy my shares knowing they are available, then they should have to borrow their's knowing they are available.
When there are no shares available and the practice is allowed, then it puts an unfair advantage in the favor of the short. It Becomes 2 against 1. When large funds are allowed to practice this it could get to be 1000 to one.
A fair fight is 1 against 1. Any thing above that is unfair.
Please reinstate the uptick rule..
UBS has been pounding the Security SOLARFUN POWER (SOLF) for two weeks. Driving the price down. It can be seen on Level II quotes. They are shorting this to the ground. Without forcing them to wait on an uptick or at least 5 cents to the upside they can drive this security into the ground.
A company (SOLF) that has 500% Y o Y revenue growth and 100% Q oQ earnings growth, shouldn't be going down, It should be going up. Sentiment on the yahoo messege boards is overwelmingly Positive but yet the small investor is getting killed by UBS Shorting so heavily into any small rally, forcing the stock to the ground.
Restore the uptick rule. Apply naked shorting limitations to the whole market.
I know people who are afraid to open their 401k plans because they know its going to be bad.
Do not let companies profit by naked shorting. This market would rise 10% across the board without naked shorting, in my opinion. That would add billions of dollars into the economy at a time when it really needs it.
Colin Bailey,
Fairhope Alabama