May 4, 2009
THERE WAS NO POSSIBLE JUSTIFICATION FOR THE ELIMINATION OF THE UPTICK RULE.
In the current environment of decimal pricing ($.01), there is no possible reason that short seller's orders be allowed to move ahead of Cash Investor's orders simply by lowering their ASK price. Doing so only pushes the price lower and, ultimately serves the goal of the Shorts at the detriment of the Cash Investors.
Short Sellers do serve a limited purpose by adding some liquidity to the market but their needs MUST be behind the cash investors.
BRING BACK THE UP-TICK RULE