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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Andrew G. who wrote (4194)	5/20/1998 9:24:00 AM
From: Souze	Read Replies (2) \| Respond to of 12617

The manager says it's a SEC rule. ...I was wringing my hands Friday morning watching stock I bought that same day (IRSN) double on me and then fall back because I couldn't trade out. From what my broker (T. Rowe Price) told me last year, there is an SEC reg that prohibits paying for a stock with the proceeds from the sale that day of the purchased stock. According to that interpretation (if it's right), the reg doesn't restrict the sale of the stock; what it says is that you have pay for it with the sale of other holdings or, of course, with cash. I got stung by this one, so I remember the pain well.