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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?


To: MaryinRed who wrote (31884)4/21/1999 7:43:00 PM
From: Keith Lenart  Respond to of 122087
 
Mary, I bet the explanation they'd give would be something along these lines:

Watley is trying to ensure you don't box a short position in a different brokerage account with long shares in your Watley account. This would allow you to illegally sell your long shares to initiate a short sale, thus circumventing the uptick rule.

The assumption is that any shares carried overnight "may" be used in this fashion. It stinks, but I'd be willing to bet that's the reason.