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Robert T. Dombrowski wrote:
>
> Rich,
>
> Contrary to popular wisdom, I often daytrade thinly traded issues - say,
> 40,000 to 50,000 shares per day. What I consider to be a starnge
> phenomenon occurs occasionally. I'll sell well above my ask price.
Robert and Eric,
Nothing to do with Don Green, but of getting an execution better than
your posted bid or offer. I believe that NYSE has a provision in their
rules that, in the event of someone wanting to put up a large block
outside the current bid/ask, the trader doing the print will have to
fill all the bids/offers down/up to the print price at the print price.
This can happen after the open.
Example. morgan staley has matched a buyer and seller for a large bock
of an illiquid stock at $22. But the stock is $23 bid. All the orders in
the book down to $22 will be filled by Morgan at $22.
If someone out there knows any more about this rule please post it, as I
am not current on many of the NYSE rules as I usually trade canadian
markets.
Rob Barnes:)
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