May 26, 2009
I strongly urge the SEC to reinstate the "Uptick Rule," specifically a price test / plus tick rule rather than "best bid" or "circuit breaker" alternatives.
Simply stated: I am a small scale / full-time retail investor who frankly has felt completely screwed over the past couple of years, trying to compete in an unfair market where the lack of an uptick rule and lax SEC enforcement allowed fraudulent naked short selling.
I don't understand why "if it ain't broke, don't fix it" common sense did not keep an effective seventy year-old rule from being thrown in the trash. The bogus academic studies that allegedly justified the end of the Uptick Rule reached conclusions based on an unrepresentative and misleading market phase.
After the Uptick Rule was eliminated, the only thing "fixed" was the stock market by unscrupulous manipulators who almost ruined the country's financial system. Enough already. Do the right thing. Do it immediately.