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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Temple Williams who wrote (3578)	3/29/1998 12:13:00 AM
From: TheLineMan	Read Replies (2) of 12617

I was wondering if someone could help me here. On Friday 20th March I bought up a whole bunch of stock to the margin (in one of my accounts). On Monday the 23rd the stock was up 30% - I sold out my position, and when the stock fell 5%, I bought up my position again. I sold out the position when it went up 15% on the 24th. Anyway today I got a letter from my broker. Basically it says: "Due to transactions of 03/23/98 your account requires $xx,xxx. These funds are required to satisfy the New York Stock Exchange Day Trading Call created on this date. Please arrange to have the funds delivered by 3pm on 3/31/98. Failure to meet this requirement within the time prescribed may result in suspension in your day trading privileges. Stock Exchange regulations prohibit liquidating transactions from satisfying this obligation" What the hell do they mean. Typically I am not a day trader and the stock was listed on the NASDAQ. If you can't help I guess I'll find out Monday.

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