From: Ryan Sarnataro [ryans@calcentral.com]
Sent: Friday, November 07, 2003 10:26 AM
To: rule-comments@sec.gov
Subject: S7-23-03:

17 CFR PARTS 240 and 242
[Release No. 34-48709; File No. S7-23-03] 
RIN 3235-AJ00

I am active in the stock market both from the short and long side as a "retail" 
investor.  In general I support the intention of the rule.  Anything that forces 
compliance with the rules, both with share delivery and uptick sale requirements, 
is welcome.

It seems there are two glaring omissions in the rule that would greatly help the 
small individual investor.  The first would be provisions that required the 
identification of sales and purchases as short sales and short covering purchases.  
This would help investors watching the tape understand the action.  I could point 
out numerous instances in thinly traded securities where process have fallen 
significantly in a matter of seconds when large sell orders hit the market.  

Probably of greater benefit to a majority of investors would be daily total short 
sale reporting requirements.  The current monthly report coming in over a week 
after the fact fails to provide adequate information about short sale activity.  
Daily reporting of short sale and cover volume would help average investors 
understand price fluctuations.

Ryan Sarnataro
320 Sunlit Lane
Santa Cruz, Ca. 95060
831-423-3612
ryans@calcentral.com