When the SEC proposed its pattern daytrader regulations in 2001 they received only about 200 comments from the public during the public comment period. Now the NASD has begun applying the 3 daytrade restriction to stock options, which was not part of the original proposed regulation during the public commentary period. There must surely be thousands of us who have self-interest to want these regulations repealed or at least amended. If we make our voices heard it's likely we can have an impact on the SEC and NASD stance. We just need to join together and make our objections heard. Let them get a volume of critical feedback from the public. If we sit meekly and quietly by, they will continue to toss us around any way they and the big player special interests want to. Send e-mails to: marketreg@sec.gov and also: pubcom@nasd.com and also: ombuds@nasd.com Use cc: and bc: when sending e-mails, to save time and effort by getting your message to several recipients at one shot. If you can include a phone number in any correspondence they appreciate that too. You're all welcome also to join the little Yahoo group I created for the purpose of starting an organized collective opposition to the daytrading rules. www.groups.yahoo.com/group/DaytradersUnite/
The resignation of Harvey Pitt as SEC Chairman may make this the perfect time to get moving on repealing the daytrading regulations. Certainly NASD's recent application of these rules to stock options, which the SEC did not authorize by the original regulations, makes now a time to let them hear our objections.