May 5, 2009
I am in disbelief that the SEC would rely on a group of academics to shoot down the re-instatement of the UPTICK rule.
Shorts have turned individual stocks into their own personal ATM machines. As a trader, the manipulation is obivous.
Academics talk about liquidity The liquidity has already been robbed from individual stocks with the creation of endless ETFs.
The reality is that I cannot even put my name on this letter for fear of attacks from shorts. That is how much they are in control of this market.
If the SEC does not re-instate the UPTICK rule, the market will go well below 5000 and stay their for years to come, you will have lost 90% of potential investors for generations and the only activity left will mostly come from hedge funds. The academics do not trade for a living, therefore they do not see the control that shorts have over stocks. They are looking at it from a point of view that does not exist. Shorts prey on the premis that they can panic individuals into selling (which they do). Without an uptick rule this market is D.O.N.E.