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Harley, now you have piqued my interest. If it was a sell short order,
wouldn't there have to be an uptick? If the stock immediately fell, then
the short would have occurred at the first uptick. Perhaps the stock fell
1 9/16 before it ticked up.
Al Taglavore
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> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: EGGS
> Date: Thursday, July 23, 1998 11:00 AM
>
> The problem when you place an order even a limit order on Datek (or any
> place else for that matter) will become a market order when the limit
> price becomes marketable. If you placed a market order over night you
> lost that 1.5 not the brokerage firm.
>
> Although with a short I am surprised that the order was placed. From my
> understanding with Datek if you place an order to sell short and is not
> filled before the stock moves to a down tick you have to re-enter the
> order. The system kicks it out on the NASDAQ. Of course it is diffeent
> for the NYSE.
>
> The other problem is that there is a priority for executing trades on
> the NYSE. I may have the order wrong but it is time, size and price.
> This will effect your fill with a market order.
>
> I know i didn't give you any real details but hopefully enough of a
> general idea that there are these gray areas that come up now and then
> when we place our orders.
>
> I also found out from Datek that they can execute your order prior to
> the market open if it is left in over night. When I spoke with customer
> service he said it doesn't always happen, but does from time to time.
> And the earliest that he had seen was 5 minutes before the open.
>
> Harley
>
> Darryl D'Lima, MD wrote:
> >
> > Hi Jim,
> >
> > When you buy at the open, do you place an order overnight and how often
> > do you get a reasonable price? I have always bought/sold at a specific
> > price until recently when I placed an overnight order to sell short at
> > the market open price. The stock did go down, based on the difference
> > between the recorded opening and closing prices but my order was filled
> > at a full 1.5 points (5% of the price) below the opening price. I use
> > Datek and have always trusted them, but is this acceptable slippage?
> >
> > Has anybody else had this experience?
> >
> > Darryl
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