Subject: File No. S7-08-09
From: eugene a petrino
Affiliation: retired

May 5, 2009

Since the previous uptick rule study was conducted in a bull market, it is not valid. What we have observed in the 2008 bear market, is that the non enforcement of the uptick rule and naked selling nearly destroyed the financial sector.

The uptick rule must be enforced Short selling should be allowed only if shares of the shorted stock are surrendered.