What does Wash Sale Rule mean and could it apply in my situation?
Currently, I own some high tech stocks such as Rimm, VMW, Bidu and Yahoo. With the today's market turmoil dow down -279, and Nasdaq down -41, I was thinking of selling all my tech stocks and taking whatever losses that I sustain.
But, I am interested in buying back all of these stocks back after Fed reduces interest rates on Jan 28th. Somebody told me that if I did that I would be subject to the Wash Sale Rules.
What exactly does this mean and would I be subject to these rules?