This morning’s Wall Street Journal features a front-page story in the Money & Investing section on the SEC’s lousy idea to repeal the “uptick” rule on short sales.
I wrote about this yesterday:
“…Is it purely a coincidence that Chris Cox’s new SEC “no uptick” rule made its debut at the same time that stock market volatility has gone gangbusters? Are hedge fund traders shorting stocks on down ticks? This could be adding huge momentum to downsized price movement. It could also be putting ordinary mom and pops investors on Main Street at great risk to the machinations of Wall Street professionals…”
Maybe all this attention will get Chris Cox’s crew over at the SEC to reevaluate revoking a rule that worked well for seventy years.
Hats off to my old pal, money manager Mike Holland for bringing this to my attention.