Subject: File No. S7-08-09
From: Pete M. Saley
Affiliation: manager

May 9, 2009

Re-instating the uptick rule is vital to prevent the "crushing" of stocks during economic downturns.Witness the contribution that no uptick made to bank issues of 2008/early 2009 that nearly led to the collapse of the US banking system.It is imperative not to lose sight of this near-disaster now that the market has been rallying for 8 weeks.The uptick rule must be in place to keep the market fair and the economic system functioning for the future.