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That said, I have a day order in for 100 shares of FAZ at 20.56 ... in case there is a huge drop (up rally) at the end of the day here.
Posts: 681 | Registered: Feb 2008
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Hello Angel. Just out of curiosity, did you try to buy FAZ on margin??? I'm not sure about Scottrade, but Zecco stopped allowing 3X EFT trades on margin about a month ago.
Posts: 426 | From: Philadelphia, PA | Registered: Nov 2008
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sju1973- I can definitely buy FAZ, FAS, etc on margin. I think they blocked it yesterday because of the huge decline (-45%). Scottrade does stuff like that to "protect us" - they also do it to stocks that have an abnormal amount of volume/activity.
Posts: 681 | Registered: Feb 2008
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Oh, okay. After the financial meltdown a few weeks ago Zecco actually put a stop on trading 3X EFTs on margin. When they did, I was holding FAS on margin. They implemented this change and I instantly received a margin call! Even though I purchased the stock before the rule was in place. I was pissed! Crazy stuff.
Posts: 426 | From: Philadelphia, PA | Registered: Nov 2008
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I am sure that Scottrade has different maintenance requirements on the 3X stuff, because I was getting maintenance calls everyday when FAS was heading down.
I haven't tried to use margin to buy the last few times, maybe they changed it too ??? I would test it out for you, but I am not sure if I would rather be in FAS or FAZ right now! lol FAZ, I imagine.
Posts: 681 | Registered: Feb 2008
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Okay, I just put in an order for FAZ at 16.00 (so I know it wouldn't buy), and I used all of my buying power, and it had no problems putting the order in. So Scottrade hasn't changed anything.
I cancelled the order immediately.
Posts: 681 | Registered: Feb 2008
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Cool. I figured it was just a Zecco thing. I think they must have lost a lot of money during the meltdown. Epecially in the 3X EFT's. They sent out a special email blast outlining the new rules effective the very next day after the email went out.
When I saw your post I thought that maybe other brokerages were implimenting similiar policies.
Posts: 426 | From: Philadelphia, PA | Registered: Nov 2008
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Looks like I had a decent day with my DRYS. Wondering if I should dump tomorrow or let it ride. Wondering if I should pick up some PLD after the big drop today, seeing if I can get a quick 5-10%. Any input?
Posts: 301 | From: Hamilton, NJ | Registered: Jul 2007
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quote:Originally posted by AJGrano: Looks like I had a decent day with my DRYS. Wondering if I should dump tomorrow or let it ride. Wondering if I should pick up some PLD after the big drop today, seeing if I can get a quick 5-10%. Any input?
Earnings on DRYS due out after market close today and CC tomorrow...Will prolly make your decision for ya, depending on how they report...
Man, I hope you knew this before you decided to let your profits ride...I'm still holding a few from today so good luck to us both...
Posts: 2383 | Registered: Apr 2006
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hope you all are making the big money these days...i am... life is good...playing the SKF/ FAS and LVS bounce plays..buy low sell high..also SIRI..i picked up 300K shares last thursday * .3005 and bailed on it this morning at ..39..now i just got back in ..* .362...get it on
Posts: 2497 | From: westlake village CA | Registered: Aug 2008
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i also shorted oil via 500 DUG when oil was at 54 bucks a barrel..looking good so far
Posts: 2497 | From: westlake village CA | Registered: Aug 2008
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another win day for the morpheuw....eeeehhhaaaaa i was trading like a mad man the last hour...picked 10k lvs 2.83 bailed * 3.03..making the mola...i luv luv luv cyber vegas
Posts: 2497 | From: westlake village CA | Registered: Aug 2008
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Dammit, I wasn't at a computer to put an order in, but I definitely would've bailed on my FAZ at 20.50.
Posts: 681 | Registered: Feb 2008
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Bailed on my FAZ to break even. I think the market is going to rally up end of day, but I have been wrong before!
Posts: 681 | Registered: Feb 2008
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LOL (not really). Starting to look like I played this complete opposite. What else is new ? *sigh*
Posts: 681 | Registered: Feb 2008
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That beer helped. Out of FAS at 6.82 (although I think it is going to rally quite a bit further).
Posts: 681 | Registered: Feb 2008
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