June 2, 2009
In support to bring back the UPTICK RULE, here is a good example.
I had my order to sell shares at certain price (slightly above the asking price) but did not sell for almost two hours. While changing the order, I made mistake and replaced the order to sell at one dollar below the bid price.
Order was filled immediately and with in few seconds, security price further came down by two dollars. There after it recovered.
In other words selling shares below the bid price created a panic.
If I was a short seller, I could have made lots of money thats what short seller do without uptick rule.
Please bring back the UPTICK RULE.