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Thread: uptick rule!

  1. #1
    trippingthespeculatingpos is offline
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    Joined: Dec 2008 Location: San Antonio Posts: 2,884

    uptick rule!

    looks like the uptick rule has a chance, read and then email every1 in that article heh

  2. #2
    nisvan is offline
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    Joined: Nov 2008 Posts: 141
    here is a rough draft you can use to send correspondence
    to your representative, which quick input form you can find at:
    it shouldn't take all but five minutes...

    Dear Rep. (name of your local House Representative):

    On January 8, 2009, Rep. Gary Ackerman [D-NY] introduced Bill HR 302 IH in the House Of Representatives to "require the Securities and Exchange Commission to re-instate the uptick rule on short sales of securities."

    The uptick rule's rescission in June 2007 contributed directly to short-sellers (including funds) being able to relentlessly "pin the bids" of stocks, such as financials, forcing stock prices lower and lower, and causing massive damage to long investors. To date, shorts have conducted endless bear raids with impunity (and will continue to do so unless and until the uptick rule is restored).

    The fact that the uptick rule had not already been re-instated, in the first place, throughout the entire market crash, is downright absurd.

    The reinstatement of the uptick rule is important to regular investors who hold their retirement savings in mutual funds & 401Ks. These are middle-class working people who do not trade on the short-term. These people are the majority & they need some type of protection from market short selling that destroy the value of their nest egg. Knocking down stock prices does nothing good for anybody other than a small minority of short-term traders & hedge funds that do the short selling bear raids at the expense of the majority.

    In light of these difficult economic times, your support of Bill HR 302 IH would be most sincerely appreciated.

    Yours truly,

    Joe Siriuslonginvestorski

  3. #3
    jmm232 is offline
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    Joined: Apr 2008 Posts: 206
    I suggest everyone send a letter to your stte representation at a minimum. This behavior is directly contributing to the craziness in the markets lately.

  4. #4
    SiriusHope is offline
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    Joined: Oct 2008 Location: Las Vegas Posts: 515
    Thanks Nisvan

    I sent the above letter to my House of Representative Member for Las Vegas...Dina Titus

  5. #5
    frigginregan is offline
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    Joined: Aug 2008 Posts: 83
    I find it ASTONISHING that the new head of the SEC didn't make this PRIORITY #1 as soon as she was sworn in. Cox was a disaster....but the fact that Shapiro hasn't changed the uptick rule fills me with dread. Are the shorts THAT powerful? Because any fool can see that the repeal of the uptick rule was a MAJOR contributor to the market it continues to be and will go on being until the uptick rule is REINSTATED pronto!

    It boggles my mind that nothings been done yet about this. It seems like a no brainer to me.
    Last edited by frigginregan; 02-23-2009 at 07:02 AM.

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