May 8, 2009
My family lives on my investments. Since the cancellation of the prior uptick rule we have seen every attempt by the market to move up attacked by short sellers who realize that without the rule they have a high probability by virtue of their own short sales of being able to buy back very quickly and cover their sale with a profitable buyback.
We who are serious but "small" investors are being exploited thanks to this cancellation.
I estimate that the cancellation has cost me about 10-15% of my net worth, and a much larger percentage of my taxable income, a loss to the government. And I am sure I am not unique.