Subject: File No. S7-08-09
From: Steven L Tray

May 8, 2009

In my opinion, during the last 2 years much of the stock market volatility was exacerbated by the absence of the "uptick rule". "Short" investors with a lot of capital were able to easily manipulate any stock's price down temporarily. Re-instatement of the "uptick rule" would give the public a greater sense that the market is not "rigged" against them and encourage the small investor to get back into the market through their IRAs and 401k. Please re-instate the rule for the good of the financial markets and the country.