I wonder why for such a long time after the crash in 1929, the short uptick rule was not completed, especially after the crazy bull market in late 90s and 2000. What I mean by incomplete is that, why there is no restriction saying you can only cover short in a down-tick? Hey, we need more rules if not less, right? SEC/NASD/NYSE/whatever manipulator special interest groups, i offer you a job to do. What do you think?
The uptick rule (on liquid issues) is so stupid it boggles the mind. Does the SEC really think this rule will prevent the market from driving a stock's price into the toilet?
That would be just the thing. It would make it theoretically possible to completely ruin an individual investor who is short the stock, no matter how small his position might be. And all the way up he would have no chance to get out. That way at least he wouldn't turn into one of those evil Pattern Day Traders.