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Non-Tech : CyBerCorp.com
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To: E. Davies who wrote (790)7/23/2000 8:38:37 PM
From: Nazbuster  Read Replies (1) of 1001
 
I'd like to hear some comments from others about Cybercorp's policy of not allowing the proceeds from sold overnight longs to be used as buying power day of sale. Keep in mind, I'm talking a CASH account, not a margin acct. where that rule is perfectly valid. There is no such requirement for cash accounts, but when I called Cyber they said, "It's a corporate policy."

I suspect it's a software limitation which became a corporate policy.

The real problem with this is that if you're holding a long which gaps up significantly, you can't sell it and buy it back when the gap open sells off. Those are the rules for margin accts., but not for CASH accts. Not being able to buy back prevents me from selling and causes me to lose gains.
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