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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.83+0.3%Dec 3 4:00 PM EST
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To: Lee Lichterman III who wrote (35026)12/11/1999 9:27:00 AM
From: Trading Machine  Read Replies (2) of 99985
 
*OT* Datek = Problems?

Thanx for the response Lee. In my particular situation I have to believe that perhaps Datek has an internal problem. If you look back a few months when their CFO "resigned" for some unrecognized accounting practices. About that time I had around 75K in my account and spent two and a half weeks trying to withdraw $1,500. You would not believe the excuses, now this.

Datek said "because of the concentration of a single stock in my account" I had to maintain a 50% margin. This was after being in the trade for four days! No mention of it in their documentation up front and certainly MO is not on their no-no list. (although perhaps it should be) My account is up almost 500% since I started trading in October 1998. I have never played an Internet stock, and with just one exception I have never played anything but the top of the DOW, never even a four legged NASD stock!gg At first they wanted me to send them $2600, but changed that to $970 because the price of the stock had gone up. Mind you, at the time my position was 6000 shares of MO and the price was 25 1/2 with an initial purchase price of 26 1/8. And they are worried where the $970 would come from!!

So I have to say that if Datek sends a margin call to me under these circumstances with my account history, perhaps they have some internal problems that are not quite visible yet. I wonder if they made their payroll last week? Next week?

Just one traders opinion.

Thanks again for the ear Lee. gg

CU Paul K.
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