Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Dominick who wrote (2066)	2/13/2000 2:54:00 PM
From: Wayners	Read Replies (1) of 2120

With regards to selling overnight holds in a PDT account. I find it puzzling that no one who's account was closed due to large Reg T call hasn't sued the SEC, or whatever, showing the trade was wrongfully classified as a short and the money was available in the account. It is the SRO's outdated accounting method that has caused them financial harm. That would be interesting but I think there are some limiting factors. Lets say they liquidated your entire postion in BOST. If you claimed that when they liquidated that it was actually a short sale against the box and not a sale of the long position, you'd have to be able to prove that the sale occurred on an uptick for starters. Then its a short sale against the box which only requires a really low 5% maintenance margin on the amount of the long position. However I can't see the broker allowing you any credit at this point, however you might be able to salvage a portion of your equity position.

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