“A little while ago, Congressman Barney Frank [MA] hinted that the so-called ‘Uptick Rule’ was back under consideration by the Securities and Exchange Commission, and that it could be restored soon. The SEC moments later told our own Mary Thompson that before any rule changes would be implemented, there would be a healthy amount of public comment. So “soon” remains a nebulous concept, but it appears that there may be some movement on this front,” Jim Goldman reports for CNBC.

Goldman writes, “Still, I have one word about all this: Bravo!”

Goldman reports, “Back in December, I addressed the need for the Uptick Rule, a way the SEC can protect investors by reigning in short-sellers. The website MacDailyNews.com had taken the lead in trying to bolster support for the idea back then, especially as rumors about Apple and Steve Jobs and his health were reaching fever pitch, and Apple stock continued to get crushed by every rumor, no matter how silly and stupid. And grassroots websites are cropping up as well, trying to goad legislators into bringing back Uptick. And it’s about time. In fact, it’s so ridiculously late that I hope the SEC’s idea of a public comment period ends up happening on a lunch hour in the very near future.”

Goldman writes, “I have written extensively about the huge number of shorts out there having their way with Apple stock. The Uptick Rule could dramatically turn that around. I know the broader Nasdaq is soaring today. It’s a huge rally. And Apple shares are contributing to it. As well they should. Removing short-selling as an overhang on Apple shares could do a lot toward letting this stock finally breathe, giving investors a real shot at focusing on the fundamentals rather than the crud clouding the opportunity.”

Much more in the full article – recommended – here.

MacDailyNews Take: What MacDailyNews’ SteveJack wrote in December – one month before Steve Job’s took his medical leave of absense – verbatim:

By SteveJack

Let’s face it: the way things are today, short of Jobs retiring, or God forbid, dropping dead, nothing is going to change the pattern of Steve Jobs health scares, regardless of whether they’re real, imagined, or invented manipulations intended to affect the price of Apple stock.

Jobs could walk on water this afternoon and some people would voice “concern” that he only accomplished it because he’s lost so much weight that he’s about to ascend into heaven.

There’s only so much Apple shareholders can take. An extremely well-positioned, successful company having its share price driven down artificially whenever some short seller desires to cry wolf, er… “gaunt” is not something serious, or even casual, investors welcome. Those who are charged with keeping order (SEC) in the markets are obviously incompetent, AWOL, or both. Perhaps, Jim Cramer and many others (see below for one example) are right in calling loudly for reinstatement of the uptick rule?

The chairman of the SEC [Christopher Cox] serves at the appointment of the president and has betrayed the public’s trust. If I were President today, I would fire him… Mismanagement and greed became the operating standard while regulators were asleep at the switch. The regulators were asleep, my friends, they were not working for you. [The SEC has allowed abusive short-selling, to turn] our markets into a casino. – Senator John McCain, September 18, 2008

So, the headline asks the ultimate question: In this current climate, with stock-price-affecting health “concerns,” real or not, that can only be alleviated via retirement or death, and in the absence of the uptick rule, has Steve Jobs become too much of a liability for Apple shareholders? With his “health” sitting there as ammunition to be used whenever the shorts desire to fire off a few rounds, can Steve Jobs remain as Apple CEO without the uptick rule in place?

We get email here. Some AAPL shareholders are not happy with what they consider to be obvious and uncontrolled manipulation.

In an attempt to achieve utter clarity, here’s the Either/Or statement: Either Steve Jobs has to go or the uptick rule has to return. Without one or the other, Apple shareholders are at the mercy of forces that have absolutely nothing to do with the company’s current and future performance. AAPL stock simply cannot be recommended, if its performance has little or nothing to do with the company’s actual results. Cancel or Allow?

SteveJack is a long-time Macintosh user, web designer, multimedia producer and a regular contributor to the MacDailyNews Opinion section.