August 19, 2009
Dear Sir or Madam,
It doesn't take an expert trader to understand that the market previously worked fine with the up-tic rule. Many believe the absence of this rule created an oversold market as painfully indicated by the 6500 DOW.
Every day Americans 401k became a 201k.Your inaction to reinstate this policy has caused great strife to people on the verge of retirement and in retirement.
I have no problem with short selling but when big banks (Wall Street) are allowed to illegally NAKED short sell, the results are painful to the small investor . This practice has decimated companies and in many cases bankrupted them. Stop all naked short selling.
It is obvious that the rule should be reinstated, unless you want to see another unwinding in the markets during the next crisis. And there will be another crisis.