Tom,
#1 is the answer. Consider buying power like a leash. YOu can go out and back as much as you want intra-day. You go beyond it, its called a daytrading violation, and if you dont come in with the cash to satisfy the deficiency, you are subject to a 90day restriction...actualy, with Pershing (and i'm not sure if its just pershing or the nasd in general), but you have to do it three times. After the third, you are restricted. You cant buy something without full CASH for 90days, no margin at all ...only cash purchases.
Again, you created this because you closed it out intraday and their systems see the excess intra day, and you closed. If you take it home overnight, in excess (long or short the stock), your account will require a deposit immediately. You will proabably generate a house or fed call. house being more restrictive, assuming the firm let you take the position.
Regards,S
steve@yamner.com |
