Subject: File No. S7-08-09
From: Joseph Makula

May 17, 2009

The purpose of a short sale sale should be to correct significant over-evaluation of a stock and to satisfy exuberant demand beyond perceived value.

Correcting pricing inefficiencies of 1% or less are well within the volatility of individual trades and market volatility and are not of meaningful value to the market.

Significant over-evaluation and demand exuberance should provide plenty of upticks and and time for legitimate short sellers to enter the market.

We need to restore a market wide permanent approach based on the last sale price or tick--(the proposed uptick rule).