July 23, 2009
RE: Comments on the Uptick Rule.
I would like to offer a comment on the proposed changes to short selling, including reinstating the uptick rule. I understand that my comments are late.
You canít have it both ways.
If the uptick rule is reinstated then the SEC should impose a downtick rule on buying stocks. People talk about manipulation of a stock down, but we see manipulation of a stock up. This manipulation costs us all so much more money than the uptick rule because many more people buy stocks than sell them short and many of these people overpay day in and day out for stocks that have been manipulated upwards.
It is fair to either have no buying/selling restrictions or have them on the upside and downside.
As a personal speculator, I think it would be terrible that I wouldnít be able to short a stock at the market like I can buy a stock at the market. It is simply not fair. It is particularly not fair since the major players in the market have ways around the uptick rule (if it is re-instated) that the little folk like I donít have.
So, please, do not reinstate the uptick rule or make any changes to short selling from the present rules.
Thank you very much and I am sorry for the late comment.