Subject: File No. S7-08-09
From: Shannon Puls

May 26, 2009

I'm a relatively small trader and I do not move markets, but I firmly believe it is essential to an efficient market to have the same opportunity to make money on the short side as someone taking the other side of the trade on the long side. I don't understand how an efficient market can give preference to one side and, if the market is skewed to favor those buying stocks versus those shorting it, then stock prices will always be over inflated and the chase of another bubble is likely or even probable. That means creating an uptick rule would lead to an inefficient market.