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Its my understanding only stop orders are accepted for overnight in Nasdaq
traded stocks that will except them. Eggs does but any limit order has to
be place daily so from what your saying you had no order in there to be
filled. You placed it Friday but didn't replace it again Monday so no
order was there to be seen by the Eggs MM's. This is not a Datek rule but a
Nasdaq one.
Robert
Dark Hacker wrote:
>My order was GTC with a limit to sell at 31 1/2. The price had risen to
>around $40 / share with no execution. I find it hard to believe that the
>order book was so large or that there were so few buyers that this trade
>could not be executed for 20 minutes above my limit price.
>
>Unless anyone can find a flaw in this reasoning, the SEC is gonna hear
>about this.
>
>- Hacker
>
>
>On Tue, 1 Dec 1998 hansi_klein@xxxxxxxxx wrote:
>
>>
>> good till cancel otherwise all your orders
>> get deleted after the last minute of trading
>>
>>
>> ---- On Nov 30 Sigstroker@xxxxxxx wrote:
>> > Did you re-enter your limit order today? If I remember, all limit
orders at
>> > Datek are for the day only.
>> >
>> > In a message dated 11/30/98 9:33:11 PM, hacker@xxxxxxxxxxxxxxx writes:
>> >
>> > > Speaking of fills, it lloks like Datek screwed me today by holding my
>> > > order when they should have executed it. I entered a limit order
Friday
>> > > to sell shares of Egghead Software at $31 1/2 / share. Egghead
closed at
>> > > a hair under that price and I was anticipating a spike up in the
morning.
>> > >
>> > > Well come Monday I got my spike upwards as Egghead soared to $40 /
share,
>> > > however my limit order never executed even though my limit price
had been
>> > > exceeded by 9 whole points! Egghead traded around $38 / share for
a full
>> > > half hour before plummeting to $25 / share and I never got my fill!
>> > >
>> > > Worse, a friend of mine who trades with E-Trade says he experienced
the
>> > > same problem with Egghead in his account this morning.
>> > >
>> > > So are the brokerage firms holding our orders and not executing
them as we
>> > > have directed? Isn't this illegal? Are there other explanations for
>> > > this? If not, I'm going to directthe SEC to look into the matter.
>> > >
>> > > - Hacker
>> > >
>> >
>>
>>
>
>---
>Dark Hacker | Fortress Of Computation
>hacker@xxxxxxxxxxxxxxx | http://www.computation.com/pub/hacker/
>____________________________________________________________________
>
> "Building our future... one twisted freak at a time."
>
>
>
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