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Non-Tech : Stupid broker tricks

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To: Kevin Podsiadlik who wrote ()	2/23/1999 11:54:00 AM
From: Kevin Podsiadlik	Read Replies (2) of 10

Recently I elected to unbox a short position. I erred in that I had failed to cancel a previously existing sell order on the long position before entering the new one. The computer correctly detected I had two sell orders on a single holding and rejected the second order. I re-entered the second order after cancelling the first and all was well. I return home to find a message from my broker (they always seem to call my home phone despite my having changed my contact number to my work phone). The call was a courtesy call explaining the reason for the cancel. However, the reason given was not the duplicate sell order, but instead the broker claimed that selling the long position prior to covering the short position was a violation of the uptick rule and therefore not permissible! This was doubly amusing since at the time of the call they had already executed my corrected sell order.

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