Subject: File No. S7-08-09
From: Jeff Caplitz

May 14, 2009

2nd attempt to comment - first one got blown away.

I support reinstatement of the uptick rule, and elimination of leveraged short ETFs.

We have circuit breakers in the markets because it is recognized that panic and fear of loss can overwhelm appetite for risk.

This is a true today as when the uptick rule was instituted.

Academic studies purporting to show otherwise have clearly been proven wrong, at great cost to us all.