With all the fear of SEC rules and regulations around, I actually believe that as long as the taxation and fees on trades do not become excessive, short term traders should find more opportunities because of reduced market efficiency. Simply, long term investors will lose more money to traders in transactions in a less efficient market. Uptick rule or not does not matter if you can adapt. As soon as they kill one way of making money, they create another one. As traders, our duty is to exploit any manmade inefficiencies and maintain an efficient market.