Subject: File No. S7-08-09
From: Keith A Joyner, Ph.D.

May 5, 2009

I believe that short and long transactions should be treated in a balanced fashion. Since we have no "downtick" rule for purchases, we need no "uptick" rule for short sales. I do believe that there should be agressive enforcement of the existing rule against "naked" short sales - force immediate re-purchase if shares cannot be borrowed.