Subject: File No. S7-08-09
From: Emery J Yelton, Ph D
Affiliation: Retired professional investor and pension fund manager

June 1, 2009

Dear SEC Study Group

The stock market really needs the uptick rule to add stability in much the same way that program trading had to be addressed in 1987. In this last bear market where fear was great and good information scarce the hedge fundsd were able to exploit this fear quite easily at the expense of many small individual investors and 401(k) owners. This is unfair and needs to be addressed.

The amount of wealth destroyed in this last bear market was very large and ruined the retirement status for millions of our senior citizens. It will negatively affect our country for decades. Please don't let this happen again.