NASDAQ stop activation

["bkmk" <bkmk@xxxxxxxxxxxx>]

Is it true that NASDAQ stops are activated off of the bid and not off of the
last trade?


I placed a MM stop with Datek that was activated even though a trade never
took place at that price.  It caused me to lose a significant amount of
money because the stock turned around before a trade took place at the stop
price.  They refused to block the trade stating it was NASDAQ policy to
activate off the bid price.

Datek's web site states that stop orders are activated when a trade takes
place at the stop price.  It does not mention bid prices nor does it
distinguish between NASDAQ and other markets.  When this was brought up to
them, I was told "sorry for the inconvenience".

Two additional questions:

1.  Can anything be done as far as breaking the trade with Datek?

2.  How can this be accounted for in TS?  Since the system does not show
that a trade took place, it screws up additional signals for the stock.

Thanks,

Barry