Subject: File No. S7-08-09
From: paul r tautvaisas
Affiliation: retired investor

May 8, 2009

An uptick rule change using pennies or even mills is ridiculous. The Uptick should be sufficiently large to be able to verify the existence of stock available to be shorted. The Real menace is Naked short selling.

Especially if the Naked short selling is part of a Programmed trade where millions of shares are traded in seconds. Program trading accounts for about 30% of the total volume on the NYSE. We are at their mercy.