02-11-2003, 03:28 PM
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Confirmed User
Join Date: Mar 2002
Posts: 6,704
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Quote:
Originally posted by MetaformX
I lost $27,000 in 1 DAY on a pharmecutical stock...
I had shorted the bastard, was up 3 grand, then the company comes out with some news that they have found some new way to aid with HIV treatment...some shit like that
I didnt want to cover, but I was very heavily margined and Datek covered all my shares for me. They covered my shares after only 1 day(3 days is standard, but not required), they didnt even call me...had they given me a couple more days, I would have funded my account to cover the margin. Fucking crooks
That was the last time I day traded
Never short pharmeceutical stocks. Just when it seems their chips are down, they put out some bogus news report to get investor confidence back up.
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the stock was PGNX if I remember correctly
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