From: Scott Budner [sbud7@hotmail.com]
Sent: Wednesday, November 26, 2003 6:30 PM
To: rule-comments@sec.gov
Subject: File No. S7-23-03

The Bid Test is another outdated Rule which prevents true speculation and 
hinders the liquidity of the market.  Many other active trading instruments, 
such as futures, require no uptick and allow for pure hedging and speculation.  
The Bid Test is a rule which contradicts the spirit of the market.  To prevent 
any market participant from speculating on the direction of security, if even 
for a split-second, if even for one tick, is to contradict the term "free market."  

The SEC should not attempt to prevent short sales on downticks.  The mistaken 
belief is that this would cause a "free fall" of any security.  Natural market 
forces should dictate the price of the security, not the SEC.

Scott Budner


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