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General Interest > Money Matters
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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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god damn you e-trade. (PNK)
    #9153897 -

so, i have been watching a certain casino stock  just plunge to record lows, and last night i attempted to place a limit buy on PNK at $3. however since i just transfered the money into a new e-trade account i was not allowed to purchase stocks under $10.

so i tried to transfer the money back to my other account, but it would not let me because the account was open less than 7 budiness days. basically my money was trapped, and i was unable to buy the stock i wanted.

Pnk rose %51 today and climbing
would have been one hell of a return...

interestingly enogh, every casino share that i had been watching went up around 20% a piece....

anyone have any thoughts on that?

Edited by Capatalistc nomad (10/29/08 12:14 PM)

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Re: god damn you e-trade. (PNK) [Re: ZippoZ]
    #9154180 -

Can you open other accounts elsewhere? Don't put all you eggs in one basket. What if their servers go down on a day you need to sell?


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jesus

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Re: god damn you e-trade. (PNK) [Re: ZippoZ]
    #9154216 -

The short sellers were way overextended.  Ever since the short-selling ban was lifted earlier this month, shorts have done nothing but coin money for themselves as stocks were able to be beaten down relentlessly amidst the widespread and largely unprecidented levels of pessimissim in the market.  As soon as any piece of good news comes out, such as the relative thawing of the credit markets, the re-emergence of the commercial paper market on Monday (issuing 10x the daily average from the past 20 days), and the lowering of our federal funds interest rate; shorts get squeezed.

A short squeeze is what happens when short-side investors race to buy shares in order to cover their position.  If a huge percentage of the float (available shares in a company) are sold short, it can take days for all of those shorts to cover their position and buy back the shares they borrowed when they initially "sold short" the stock.  With PNK, 23% of the float is sold short.  That's just a HUGE amount of short bets, so its no surprise that at the slightest whiff of good news, there'll be a jump in the stock as shorts will begin to cover, further bidding up the stock, and as the share price continues to appreciate, even more shorts will continue to bid up the stock as they panic out of their positions. 

I would not count on a sustainable rally in the casino stocks since they are terribly positioned for the current economic climate, though they have been so heavily shorted that they could see a short-term rally over the next few days.  Based on the average daily volume of PNK, it would take 8 days for all the shorts to cover... which would indicate that the stock could continue to rise for a while here.  However, I am in fact warming up to the idea of shorting these stocks myself if they see a few more days of strength.  Las Vegas Sands (LVS), a casino stock I had proposed shorting when it was trading around $13 or so, fell as low as $4.32 earlier this week.  A shame I didn't act on that trade when I mentioned it, however given the nearly 100% gain in LVS today, I'm content to have avoided the madness and may just continue to steer clear, sticking with the long-term bets I've been building on the current weakness.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: god damn you e-trade. (PNK) [Re: Baeosistine]
    #9154219 -

> What if their servers go down on a day you need to sell?

Then you call them.

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Re: god damn you e-trade. (PNK) [Re: geokills]
    #9160310 -

I've heard a lot of bad things about etrade. They will gouge you with hidden fees right and left. You will be lucky to get your money back in a month. I just opened an account with Scottrade. I've heard mostly good buzz about them and it's only $7 a trade with no hidden fees.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755

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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

General Interest > Money Matters
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