June 2, 2009
Please reinstate the up-tick rule that has served its purpose well these last 70-some years. No modifications are necessary in order to placate the Money Managers, Hedge Funds, and Market Makers - no hybrid version of the up-tick rule is necessary.
The simple up-tick test before a stock could be sold short has worked admirably well.
Fails-to-Deliver (Naked Shorting) is what the SEC should be focusing its attention on.
Reinstate the up-tick rule of old, focus on the abusers of the short selling rules, and rebuild confidence in the market place before the individual investor loses all confidence in the market place being fair and equitable.