Larry:
I agree 100%. If your cash available is correct THAT DAY you are ok. However, if it is too low even though you may correct it that trading day, too bad you will not get shares.
This seems to be the case, when I got priceline.com I technically did not have available $$ that day because they shares I was going to sell at close to make the money available were not sold because Internet Explorer locked up at 3:57 when I was trying to enter the order. However, according to my account balances that was not a problem because the previous day, I had 6K or so cash available so that must be what Etrade went by.
Also, with Value America, my cash avaible SHOULD have been 6K, however, I had an open order in my Etrade account that was doing nothing (in limbo, had been for several days) which made my buying power 1,600 that morning in account balances. I called Etrade yesterday morning regarding this, and they canceled that order (I had not been able to myself - it would just say "trying to cancel a previous order") I asked him if this would affect IPO pricing that evening, he said "of course not"
That evening, as many know here, I did not get shares. Since my timestamp was 5:23 I bet it was because they look at cash available THAT MORNING (from previous days trading)
Either that, or the process is truely random.
--Bob
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