May 4, 2009
The Uptick Rule was instated 70 years ago and did its job very well. The reasons for its imposition were made painfully clear in the Fall of 2007. Academic theory is not a reasonable basis for repealing something that worked for 70 years. The reinstatement of this rule is imperative to retail investors like myself who can't sit in front of a computer from 9:30 AM to 4:00 PM every day and nip a Bear raid in the bud and save our stock value. The argument that this rule doesn't work with the decimal system is specious. Fractions were gone long before the Uptick Rule disappeared in 2007. There is no need for "modified" or "special" rules either, just keep it simple and reinstate the rule as it was with only the change to a stated number of cents to be the uptick. Since an eighth was the old rule, 12 cents would work fine with the decimal system.
Thank you
J Muench
Cincinnati OH