May 8, 2009
PLEASE REINSTATE THE UPTICK RULE, ONE OF THE MOST TIME PROVEN LONG STANDING RULES IN AMERICA AS IT HAS BEEN SINCE 1930. IT WORKED SO VERY WELL ALL THOSE YEARS. I BELIEVE THIS RULE WAS OVERTURNED PREDOMINANTLY SO THAT HEDGE FUNDS AND OTHER LARGE INVESTORS COULD MAKE MORE MONEY DURING DOWN MARKETS. I WATCHED WITH SICKENING FEELINGS AS THE STOCKS OF BOA, TREX, OC, WFC AND COUNTLESS OTHERS WERE DRIVEN DOWN TO UNBELIEVABLY, UN-DESERVED LOW LEVELS DURING THE RECENT DRAMATIC, HISTORIC DECLINES IN THE STOCK MARKET. I'M A SMALL INVESTOR WHO WANTS TO PUT HIS MONEY INTO STOCKS...I LOVE THE STOCK MARKET...BUT WHEN I PUT MY MONEY IN NUMEROUS STOCKS AND THEN WATCH THEM DROP 10-20-30% IN ONE SESSION FOR NO REASON OTHER THAN THEY ARE BEING SHORTED WITH NO REASON OTHER THAN BIG MONEY IS SHORTING THEM WITH NO GOVERNANCE, I LOSE MY TRUST IN THE SEC TO REGULATE AN ORDERLY MARKET. PLEASE FACE THE TRUTH: ANY RESISTANCE TO REINSTATING THE UPTICK RULE IS SIMPLY A COVER UP TO SOFTEN THE CRITICISM OF THOSE WHO CARELESSLY BUT PURPOSEFULLY ABOLISHED THIS MOST IMPORTANT RULE FOR AN ORDERLY MARKET. JUST FACE IT DIRECTLY, PLEASE REINSTATE THE RULE WITH NO MORE ATTEMPTS TO DAMPEN THE BLOW TO THOSE WHO ARE RESPONSIBLE FOR THIS IRRESPONSIBLE ABOLITION OF THE
UPTICK RULE. THANK YOU FOR THE ABILITY TO VOICE MY OPINION ON THE SUBJECT.