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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Dave Hanson who wrote (10282)	11/15/1998 10:07:00 PM
From: Tai Jin	Read Replies (1) \| Respond to of 16892

You can switch your position with one order, but it will be split into two trades: first covering (selling) and second buying (shorting). If shorting you are still subject to the uptick rule. Only one commission is charged for both trades. ...tai

To: Dave Hanson who wrote (10282)	11/15/1998 10:55:00 PM
From: Esteban	Read Replies (2) \| Respond to of 16892

Boy, that uptick rule sure does get in the way of a good trade sometimes, doesn't it? More than sometimes in my experience. Datek won't pursue those cases were a fill was warranted either, if it's a short sale. I guess you could hold a stock both short and long to equal a flat position, then sell your long position to go short. This would tie up a lot of capital if you are flat for long periods, but if you trade the same issue from the short side on a daily basis, this would allow you to jump in and out of the short position without jeapordizing your ability to reenter because of an uptick. Since Datek doesn't have a way to differentiate between buy and a cover buy, you'd have to use a different broker. Any other ideas?

To: Dave Hanson who wrote (10282)	11/16/1998 12:18:00 AM
From: nick nelson	Read Replies (1) \| Respond to of 16892

Dave, As I recall trying it about 6 months ago... it was a rather harrowing experience. I was in short XCIT 500 at 51'ish and the MM's started running the stock - I fumbled around and went long a 1000 in one market buy order. After the smoked clear about 7 minutes later, the short cover and long buyin looked like I'd been hit with a shrapnel bomb - partials and prices all over a 1/2 point range. Definitely a hand job, not done cleanly by one computer buyin of 1000 shares and than split up later as I would think. Datek made a bundle on my dumb that day. <G> Also, I think you have to have double the buying power of your holding to do it. I talked it over with a rep... asked what had hit me! He explained all the favors they did and they were just getting a better price. <G> He seemed to think there was still some value in that kind of switching trade - but no clues as to when or how to use it... It appears to be a real moneymaker for Datek? Hope this helps... do a limit switch on a slow moving stock if you just want to try it. nick