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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Wyätt Gwyön who wrote (83236)4/18/2007 9:12:29 PM
From: tom pope  Read Replies (1) of 206326
 
It's all quite murky to me, but they have objected to my selling a stock before the buy has settled - UNLESS (I think) the buy was made against settled funds. So what I use to guide me is not the "available to trade" line but the "available to withdraw" line.

I really need the ability to set a stop loss as soon as the stock action isn't going as I expected. To sit there while waiting for the buy to settle is not acceptable.

Merrill does not have this policy, as far as I am able to tell. It presumably falls under Reg T which I haven't read in a long time, but I remember from a previous argument with Morgan Stanley that Reg T is flexible. As I remember, Reg T will allow a buy against insufficient funds if there is a reasonable expectation that the funds will be in the account by settlement date. You should be able to drive a coach and pair through that one!
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