Traders angered and confused after Ameritrade stalls trading of two healthcare OTC stocks
August 26, 2009
If your biotech penny stock lost momentum in the last 24 hours, your trading platform may have something to do with it.
Investors following two increasingly popular biomed stocks are reacting angrily after Ameritrade’s decision to halt trading of American Scientific Resources (PINK SHEETS:ASFX) and BioElectronics Corporation (OTC:BIEL). Both stocks had been increasing in both volume and price per share in recent days, but got flagged by the widely used securities brokerage service which resulted in customers finding themselves unable to purchase shares.
Some day traders who use the platform, found themselves locked out after trading out of their positions while taking advantage of some of the wild swings that these penny stocks experience. They were reportedly allowed to trade out of the shares, but not allowed to buy back in. Prices for both stocks experienced pull back as investors pushed the panic button amid the confusion.