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Monk

02/11/09 7:25 PM

#79858 RE: scott64 #79852

Good point...
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hmp660

02/11/09 7:28 PM

#79863 RE: scott64 #79852

Yup...like I said, it was almost a 'perfect storm' the way everything came together. Tomorrow and the following days will tell us much more. I also didn't think about limit sells being triggered on the way back up....very good point. I know it's happened to me before.

-Dave-
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jimstr

02/11/09 7:51 PM

#79883 RE: scott64 #79852

Scott,

I use Scottrade too. I had no problems buying online this morning but this huge volume triggered their red flag in the afternoon is my guess.

I was able to sell 500k @.035 and buy back 1.3M around .013 in the matter of 25 minutes before noon today.

Then later on I was going to add some @.025 and Scottrade said I had to call the office.

A pain but I guess it is protect us. Trying to confirm an actual investor wants shares as opposed to naked selling huh?

We'll be fine-

Hint for all Scottrade customers. When unusual volume or PPS is going on with a stock, Scottrade will temporarily require you to place buy orders through the office. They always allow you to sell but you have to call in any buy orders. No extra fee.

The loophole is you make the call with a small buy order (until cancelled) at very low bid through the office, but you can then modify that order online.

I always have a rediculously low bid order at the ready just in case this happens

Jim