May 30, 2009
I have been abused by all that allowed the uptick rule to be dropped as well those that have prevented the rule from being reinstated.
My physical condition has prevented me from working in in the labor intensive market as I was accustomed to. Month to month I have found it harder and harder to preform as needed in the markets to which i am accustomed. As my disabilities increase my ability to secure an income has dived. Last year I turned to the stock market for income as an active trader. To date I have spent several hundred hours studding the stock market and invested the last of my savings in it, only a couple of thousand dollars. Although I have made some money, I quickly became familiar with the uptick rule, or lack thereof, only a couple of hours study explainded the decline and then the sharp decline in stocks I held as well as many of the stocks I was watching.
I have come to believe that it is only the wealthy and powerful that called for the removal of the uptick rule in order to benefit themselves, in the process the "little guys" were targeted as the ones that would provide the income to these powerful shorting organizations. The lack of this rule is now making the stock market a place for the rich and powerful at the expense of all the smaller players, there is no way this market will survive and flourish without the little guys having a fair playing field.
I urge you to take your blinders off so you can see how the little guy as well as the entire stock market is being hurt.
Please side with Jim Cramer and millions of Americans and reinstate the uptick rule.