SEC says Going to go through Rules-Making Process, 30 days
The SEC stated that regarding Wednesday's hearing on the Uptick rule, they are going to go through the regular rules-making and decision process, with no midnight proclamations, meaning they will give standard 30 day period for public comment. There will be no uptick change until after May 7: http://www.nytimes.com/2009/04/06/business/06short.html?ref=business
Here is SEC chief's quote in the article "“This is a tough issue and that’s why we’re going to be very deliberative,“ she said last Friday. “You won’t see emergency orders or midnight proclamations. We want to go through the regular rule-making process and understand whether there is a nexus between removing” the earlier restrictions and undermining investor confidence."
I think some of the pumpers on tv and in public office have more impact on market direction than the lack of an uptick rule in a penny increment market. It might sell to 'passive' investors, those who put money in funds, blue chips, 401k and IRA accounts. But if you're a swing or scalp trader, do you think it's going to matter? The financial reporters, print and broadcast media who are not ridiculous self promoters (ala Cramer) seem to all agree it's a non-event.