Despite the 25k trading rule, you can take long positions according to this post: http://www.elitetrader.com/vb/showthread.php?s=&threadid=1994&perpage=6&pagenumber=4
The SEC has maintained that for any cash trade, the traditional settling period (3 day) is required before the funds are available for another trade. THis was confirmed by an email I received from a DAT broker only yesterday. Long trading is clearly out under the new rule for accounts under 25K. Amazing that such a specific and important issue could remain unclear until the very end. Regulators suck.