April 20, 2009
The uptick rule needs to be fully reinstated. The rule was designed to work in a bear market, to temper panic selling, protecting the small fry from being trampled. The removal decision was made using a bull market example, producing a false positive impression. The SEC board has made many mistakes in the past few years, and they are reluctant to choke on another. They need to swallow their pride, protect the retail client. And stop listening to the big dollar voices that got us in this mess.