Subject: File No. S7-08-09
From: Joseph L Semprini
Affiliation: Investment advisor

May 4, 2009

Since they have taken the uptick rule off my clients account have lost on average 45% of their value. this has been a major mistake and the rule should be reinstated. the hedge funds were able to load on contracts with reckless abandon. Mutual funds can not go short and are forced to keep long positions all the way to the bottom. The ETF shorts have also created and added volumn to this destruction of wealth. Since this rule was taken off trillions of dollars of weath have been destroyed. The average investor in mutual funds and 401ks have paid and enormous price buy staying the coarse. The SEC is suppost to protect the investor not add in his destruction. Please put the uptick rule back and the crubs on the exchange. These were their for a reason.