Subject: File No. S7-08-09
From: Joan Elder
Affiliation: PHR

June 3, 2009

My interest is in the reinstatement of the Uptick Rule. I believe reinstatement would protect my investments by limiting bear raiding activities that I view as being rampant since its elimination. I know there are other proposals but I view the original Uptick Rule as the only one that would effectively limit bear raiding. I do not support the reasoning behind the circuit breaker. I do not agree with the argument that the original Uptick Rule would be more difficult to implement than the Modified Uptick Rule - - I suggest that the original Uptick Rule would more closely meet its objectives and the mechanics of implementation should not be the criterion that determines which proposal is most favorable. Consider the merits of the rule.

I ask that, when considering proposals, you base your decision on the purpose of the rule and how effective the different proposals will be in achieving the objective. I see the original Uptick Rule as able to reduce intraday volatility and as the means to restore my confidence as an investor.