Subject: File No. S7-08-09
From: Gary E Baldwin

May 9, 2009

I am writing this letter regarding the Uptick Rule. I am skeptical that the practice of short-selling leads to stable markets as some claim. In a time when global markets are jittery, substantial short-selling will cause losses for many who are investing for the future. Substantial short-selling makes it difficult to fairly assess stock values.

I urge caution as to allowing this practice to continue.