May 26, 2009
I have been investing in stocks and mutual funds for more than 20 years. I am apalled at the damage that has been done to most retail investors including myself since july 2007.
It appears to me that the removing of the uptick rule was a huge mistake. I can't understand why it was necessary to change it after it had served well for many years.
It seems obvious that this was a scheme cooked up by insiders in the markets to make huge profits for themselves.
One only needs to look at charts of the markets to see that volatility took a huge leap almost from the day the uptick rule was removed.
As it stands now, the stock market is pretty much a rigged casino with no place for the average person to invest funds in shares of any company with any expectation of getting his money back,let alone making any profit.
I hope everyone at the SEC feels good about about what they have done to most investors, I sure don't like it and have nothing good to say about the SEC