Subject: File No. S7-08-09
From: Steve J Pedersen

May 8, 2009

I have been an ivestor in a little start up company ONT. I have watched this company and many other small cap companys destroyed by endless short selling. I watch level II trading of ONT, which was driven down to 20 cent a share by relentless 100 share sells at the bid. Who places a hundred share trade of a penny stock? Unless you are trying to drive the stock down.

To us little investors the game looks rigged, and the little guy does not have a chance. The uptick was put in after the great depression and worked for 70 plus years.

Put back the uptick rule, and enforce naked shorting or the small investor will never come back.

Thank You

Steve Pedersen