May 7, 2009
I would like the SEC to bring back the uptick rule. As a private investor who had over a million dollars in IRA's and other conservative equity investments and then losing 40% of their value just after I retired in April 2008 was quite a shock. My loss would not be as hard to take if it was not because of greedy people and short sellers who drove the prices down because of the no uptick rule and the allowance of naked shorts by hedge funds and others.
In the past, the stock prices rose or fell in 1/8 fractions and now is in priced in cents. I feel an uptick rule of at least .10 cents should be reinstated to level the playing field for all investors. I also feel their should be no allowance for naked shorts also.
13857 Lake Rd
Pierz. Mn 56364