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Strategies & Market Trends : Day Trading Rules
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To: Mikey who wrote (6)5/1/1998 9:32:00 AM
From: BrianL  Read Replies (1) of 40
 
Mikey,

Regarding the rule you quoted, i think this is just the SEC rule against "wash sales." As I recall, the wash sale rules were promulgated in the 30's in response to people artificially generating a lot of interest in a stock by simultaneously buying and selling large quantities of stock. This didn't do anything for them-- it was a wash-- but it would cause others to notice the stock and start buying. When the price got high enough, the wash sellers would sell.
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