MrHanky Posted November 13, 2007 Report Share Posted November 13, 2007 That etrade experience is why I have accounts at brokers with offices I can walk into and trade, or in the case of something like this, demand a check. 623726[/snapback] Unfortunately I moved to vegas,no branches here..... just gotta wait I guess Link to comment Share on other sites More sharing options...
Jimi Posted November 13, 2007 Report Share Posted November 13, 2007 I have called etrade 22 times now...They hang up on me every single time.(after making me hold 20 minutes each time) 623709[/snapback] One thought, you might put your money is the short 1-3 treasury ETF. SHY which shouldn't move much and it will be there when they move the accounts. Anybody else have any thoughts on that? 623718[/snapback] I was also thinking that if one is interested in securing cash from the threat of a firm's failure and the SIPC's $100,000 limit, but one's total account is under the $500,000 limit, one could take balanced & offsetting positions in DIA & DOG. There would be transaction costs and the management fee, but eventually, the securities would be governed by SIPC, and would presumably move to a new broker in-whole as part of a takeover, or be otherwise recoverable. Thoughts? In the year of the scavenger, the season of the bitchSashay on the boardwalk, scurry to the ditch Just another future song, lonely little kitsch (there's gonna be sorrow) try and wake up tomorrow (will they come? ) I'll keep a friend serene (will they come? ) Oh baby, come unto me (will they come? ) Well, shes come, been and gone. Come out of the garden, baby You'll catch your death in the fog Young girl, they call them the diamond dogs Young girl, they call them the diamond dogs Oo-oo-ooh, call them the diamond dogs Oo-oo-ooh, call them the diamond dogs Bow-wow, woof woof, bow-wow, wow Call them the diamond dogs Dogs Call them the diamond dogs, call them, call them Call them the diamond dogs, call them, call them, ooo Call them the diamond dogs Keep cool Diamond dogs rule, ok Hey-hey-hey-hey -- "Diamond Dogs," David Bowie, 1974 Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 That etrade experience is why I have accounts at brokers with offices I can walk into and trade, or in the case of something like this, demand a check. 623726[/snapback] Did you see the pictures of the lines outside of Northern Rock? OK, first of all, Scottrade seems to be exceptionally well capitalized and well managed, and is apparently brokerage only. So there would not appear to be any significant risk there. But in the event of a general run on the brokerages, the fact that they have local offices isn't going to matter. Have you ever been to your local Scottrade office? I've been to mine, and it is generally staffed by no more than 3 people, one of whom is a receptionist/secretary, the other two who are brokers. Each office is responsible for 10s of thousands of accounts in a region. IF there were a run, the fact that they have a local office would be of no practical importance. Link to comment Share on other sites More sharing options...
fanatic Posted November 13, 2007 Report Share Posted November 13, 2007 Is it me, or does this look like a rather tepid opening? Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 5 hr cycle indicators have finally caught up with the action. still waiting on the 3 day. Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 So far, they ran right up to the 5 day cycle MAs and stopped, and are now back to or slightly below the 3 days. qqqq is above the key trendline but threatening to fall back below it, now at 49.42. Link to comment Share on other sites More sharing options...
dogsie Posted November 13, 2007 Report Share Posted November 13, 2007 I have called etrade 22 times now...They hang up on me every single time.(after making me hold 20 minutes each time) 623709[/snapback] One thought, you might put your money is the short 1-3 treasury ETF. SHY which shouldn't move much and it will be there when they move the accounts. Anybody else have any thoughts on that? 623718[/snapback] I was also thinking that if one is interested in securing cash from the threat of a firm's failure and the SIPC's $100,000 limit, but one's total account is under the $500,000 limit, one could take balanced & offsetting positions in DIA & DOG. There would be transaction costs and the management fee, but eventually, the securities would be governed by SIPC, and would presumably move to a new broker in-whole as part of a takeover, or be otherwise recoverable. Thoughts? In the year of the scavenger, the season of the bitchSashay on the boardwalk, scurry to the ditch Just another future song, lonely little kitsch (there's gonna be sorrow) try and wake up tomorrow (will they come? ) I'll keep a friend serene (will they come? ) Oh baby, come unto me (will they come? ) Well, shes come, been and gone. Come out of the garden, baby You'll catch your death in the fog Young girl, they call them the diamond dogs Young girl, they call them the diamond dogs Oo-oo-ooh, call them the diamond dogs Oo-oo-ooh, call them the diamond dogs Bow-wow, woof woof, bow-wow, wow Call them the diamond dogs Dogs Call them the diamond dogs, call them, call them Call them the diamond dogs, call them, call them, ooo Call them the diamond dogs Keep cool Diamond dogs rule, ok Hey-hey-hey-hey -- "Diamond Dogs," David Bowie, 1974 623732[/snapback] A new reason to refer to DOGs as man's best friend Link to comment Share on other sites More sharing options...
Drano Posted November 13, 2007 Report Share Posted November 13, 2007 That etrade experience is why I have accounts at brokers with offices I can walk into and trade, or in the case of something like this, demand a check. 623726[/snapback] Did you see the pictures of the lines outside of Northern Rock? OK, first of all, Scottrade seems to be exceptionally well capitalized and well managed, and is apparently brokerage only. So there would not appear to be any significant risk there. But in the event of a general run on the brokerages, the fact that they have local offices isn't going to matter. Have you ever been to your local Scottrade office? I've been to mine, and it is generally staffed by no more than 3 people, one of whom is a receptionist/secretary, the other two who are brokers. Each office is responsible for 10s of thousands of accounts in a region. IF there were a run, the fact that they have a local office would be of no practical importance. 623733[/snapback] If your internet connection goes down or you lose power, you can go to the office and trade. If you are on the front edge of a problem, as Hanky is -- I venture to guess that the line would not be real long today. It's AFTER they break the buck or declare bankruptcy that the small investors will flock there in droves. Hank is just the vanguard (pardon the expression) of what's going to be happening to them. Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 I have called etrade 22 times now...They hang up on me every single time.(after making me hold 20 minutes each time) 623709[/snapback] One thought, you might put your money is the short 1-3 treasury ETF. SHY which shouldn't move much and it will be there when they move the accounts. Anybody else have any thoughts on that? 623718[/snapback] I was also thinking that if one is interested in securing cash from the threat of a firm's failure and the SIPC's $100,000 limit, but one's total account is under the $500,000 limit, one could take balanced & offsetting positions in DIA & DOG. There would be transaction costs and the management fee, but eventually, the securities would be governed by SIPC, and would presumably move to a new broker in-whole as part of a takeover, or be otherwise recoverable. Thoughts? 623732[/snapback] My thoughts dzackly! Someone over on prubear noted that etrade's mortgage holdings are the loans that etrade made but couldn't sell. Best case is that they are worth 50 cents on the dollar, or are worthless. The loans are supposed to be $4 billion worth, but etrade only has a billion of cash. I can see that if etrade goes under then it will take alot of time before I'll be able to sell shares of my company stock that I've vested in. I am thinking that I will take a tax hit and cash out my current shares. I'll make $8 per share before taxes and have some cash to sit on, rather than be at the mercy of etrade's future. Here's the link to the discussion 623673[/snapback] Good Luck on solving a difficult problem. 623674[/snapback] What's worse is that we had a stock option investigation and couldn't sell for a whole year. Now we can sell but it doesn't look like the opportunity will last long. The underlings are getting hosed. Fat bonuses for CEOs. 623677[/snapback] My suggestion would be, if you have the cash or collateral available, to open another account somewhere and either buy some puts to hedge or just go short the stock while you wait for the other position to sell. 623698[/snapback] Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 Looks like the Fed is doing a prop job today. That repo was against no expirations. Link to comment Share on other sites More sharing options...
itiswhatitis Posted November 13, 2007 Report Share Posted November 13, 2007 I am trying to understand the "level 3" isssues that keep on being brought up. Can someone explain or provide a link. thanks Link to comment Share on other sites More sharing options...
potatohead Posted November 13, 2007 Report Share Posted November 13, 2007 what blows my mind is that there are very smart people on this board....If a deflationary collapse comes no online broker will survive....I do not care how well capitalized they are....Trading would die and and margin calls would be overwhelming....just look at the 1930's 8,000 banks went under and they had more in % reserves that in today's system... Link to comment Share on other sites More sharing options...
Drano Posted November 13, 2007 Report Share Posted November 13, 2007 What are we supposed to do, sit with our thumbs up our butts and not trade? Link to comment Share on other sites More sharing options...
DrStool Posted November 13, 2007 Report Share Posted November 13, 2007 I would venture to guess that if they take out the 5 day cycle MAs then the little consolidation they just had for the last 20 minutes would be the mid point of the move. So this is a moment of truth for the short run. Link to comment Share on other sites More sharing options...
K Wave Rider Posted November 13, 2007 Report Share Posted November 13, 2007 Crude cracking... Link to comment Share on other sites More sharing options...
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