Accidentally posted this in the forum, but it was meant to be here:

I posted earlier regarding a new stratocaster I got. It came with the strings not under the string tree. I loosened the strings to get the two strings under the string tree, but when I re-tuned them, I noticed that the tremolo was sitting pretty far up, like farther than normal. I've heard that a proper floating tremolo should sit up enough to fit a penny underneath it. I could fit about three pennies under it. How can I remedy this problem?

I had the same problem on my 87 strat about 4 years ago. In all seriousness and with no sarcasm intended, take it to a guitar tech that has experience setting up a stratocaster. I was living in Portland at the time and went to a place called 12th fret. I tried messing around and tried to do a set up (psuedo was more like it) and just ended up making things worse. They made it play better than it ever had.
Happy Holidays

Howdy!

De-tune your strings slightly then take the back plate off and tighten the two screws that hold the trem claw in place. Tune up, check the trem. Your should be aiming for about an 1/8th" gap between the body and the trem. Repeat the process until your in tune and happy with the trem.

More detailed instructions can be found here ...Fender Stratocaster Setup Guide.

If this is your first time, it may take a while. You need to get the Trem Spring tension equal to the String tension.

Hope this helps and good luck!

Andy

Edit: Or if you don't fancy it yourself, Take Phils advice. Just make sure you take it to a recommended, competent Tech.

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Pending Greatness

If I can't get this fixed until after Christmas, is it doing any damage to the guitar by having the tremolo so far up like that?

I embarrassed to say but I had it that way for a few months. No residual at all after set up..... so from experience - you're safe.

Thanks for the tips guys!

I took off the back plate and tightened the two screws connected to the claw. It worked like a charm.