Elimination of the uptick rule to cause havoc next week?

The SEC in its infinite wisdom has eliminated the uptick rule for 1000 of the Russell 3000. Short sellers will be able to short on a downtick. In our review with clients this past week, we found 80% of buyside managers were clueless.

This is not a positive for a stable low volatility we remain skeptical that there will be any positive effects.