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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Jma who wrote (4360)	1/19/1999 1:35:00 PM
From: Todd Reichardt	Respond to of 13953

First things first: 1) CALL THEM and find out what position you are in! Don't wait for email. 2) Take appropriate action to sell/buy to put you in the position you want to be in. From then on: Don't expect ETrade to stop "bad orders" from going through. My guess is, since you placed the orders, you're responsible for the losses. This bit me once also. ETrade's confirmations were coming slowly, but the market was fast. I cancelled an order, then later put the order back on. About an hour later I got 3 confirmations. The first said my initial order went through, the second said the cancellation was refused because the order went through, and the third said that my last order went through. Whoops. My error, but I wouldn't have made it if E*Trade's confirmations were anywhere near timely. Todd

To: Jma who wrote (4360)	1/19/1999 1:37:00 PM
From: Jerry Miller	Read Replies (2) \| Respond to of 13953

Hi Jma, "I had 1000 shares of a particular stock and I placed a limit sell order on 1000 shares, I also placed a stop limit sell order on 1000 shares of this same stock." sounds like the problem right there. you tried to sell the same 1000 shares twice. not cool.<g> "...as it turned out, both orders were executed by ETRADE and I was over committed by 1000 shares." bingo. "Both orders were accepted by ETRADE without any problem." these guys are so busy, i doubt they edit each transaction against the corresponding account. they leave it up to us, to know what we have and how it's to be used. "Should I believe my Account or my Portfolio with respect to this particular stock? In other words, do I still have any positions on this stock or not?" they'll likely be the judge, once they straighten it out for you. i'd continue to work the phone though. the portfolio is merely a snapshot of the Account itself. watch your Account. that's what matters. (...and if that phrase we use here, "in my humble opinion", ever applied, let it apply here.<g>)

To: Jma who wrote (4360)	1/20/1999 8:38:00 PM
From: Manny	Respond to of 13953

Help...Does anyone know whats the rule on overselling? I had x number of shares of a company in my account on Friday(1/15) and I sold 2.5x shares of this company on Friday(1/15). This created a short of 1.5x shares according to me. It also showed up as short on my Etrade account. I did not make any trades yest, so I saw no new activity on my account. But today morning, Etrade put in an alert message that I bought 1.5x shares at market price to cover my short position. The transaction was done yest at market open (1/19, 9:39am.) This transaction showed up on my account only today! But even today, with I see a short of 1.5x shares in my account positions. I tried calling them several times (I was on the phone almost the whole day!) but got thro only twice. First time, I was hung up after about 2 hrs of hold. Second time, I was told that I oversold and hence Etrade covered the short. But I hear from different people on this thread that the reps they talked to told them that if one oversells, they must decide within 2/3 days as to what they want to do with the oversell. They could either hold it as short or buy from market to cover the oversell. So, if we do have 2/3 days to decide, why then did Etrade decide to cover my short position? Does anyone have any pointers to any rules about oversells? What should I do?? --manny