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Al,
instead of us speculating if the person gives us the full detail then
maybe we can be more precise as to what took place.
Harley
Al Taglavore wrote:
>
> 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
>
> ----------
> > 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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