Subject: File No. S7-08-09
From: Karen Cheplick

May 8, 2009

We urge you to reinstate the "UPTICK Rule" in total.
As a private, albeit small, investor the ability of larger investors to relentlessly short stocks through endless naked short selling has caused my family to lose substantial funds, most of which were airmarked for retirement.

Also, please reconsider the ETFs. These amount to gambling at a level seen only in Las Vegas, and represent a trap for the unweary, small time investor.

Thank you.