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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (83245)	4/18/2007 10:39:30 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 206326

they have objected to my selling a stock before the buy has settled as i understand it, they do not object to your selling such a stock. what they object to is your selling such a stock, AND THEN buying another stock with unsettled funds. if you put $1 in a new IRA, on day 1 you can buy $1 of stock. you can sell that stock immediately, but you cannot redeploy the proceeds until three trading days have passed from the time of your sale. where it gets complicated (and where their anality comes into its full glory) is the "judgment calls", like where you have 3000 of a stock, including 1000 bought yesterday and 2000 bought a year ago, and you sell 1000 today and then buy something else with the proceeds. if they were not complete jackasses this would not be a problem, because they would recognize that you sold 1000 of the 2000 shares you bought a year ago (in fact this FIFO treatment is their default treatment of taxable-lot sales unless specified otherwise). instead, they say you sold the 1000 shares you bought yesterday, therefore you have a trading violation if you try to use the proceeds of that sale before the sale has settled (3 days). just in case Yossarian is trading and asks to do the sale as versus purchase (meaning you specify which lots you are selling), they say this is an IRA, so you can't do versus purchase; i.e., there is no way to specify that you are selling the shares that have already settled, even though they exist. what is the reason? there is a catch... There was only one catch and that was Catch-22, which specified that a concern for one's safety in the face of dangers that were real and immediate was the process of a rational mind. Orr was crazy and could be grounded. All he had to do was ask; and as soon as he did, he would no longer be crazy and would have to fly more missions. Orr would be crazy to fly more missions and sane if he didn't, but if he was sane he had to fly them. If he flew them he was crazy and didn't have to; but if he didn't want to he was sane and had to. Yossarian was moved very deeply by the absolute simplicity of this clause of Catch-22 and let out a respectful whistle. "That's some catch, that Catch-22," he [Yossarian] observed. "It's the best there is," Doc Daneeka agreed. as far as i can tell, there is no SEC regulation requiring this idiotic interpretation. it is just the suits at Schawb and Fidol trying to be as idiotic as possible, and succeeding with flying colors.