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Has nothing to do with Datek. The NASDAQ will not hold a short in the
system unless the uptick is present. The NYSE will hold the order until
an uptick occurs. SO when you placed the order, it was on a down tick.
Harley
Richard Harrisson wrote:
> Perhaps some kind List_Member has experience with Datek's
> Order System, and would please shed light :- {It is most unlikely that
>
> Datek themselves will find time to reply to our enquiry :-( }
> .....................
>
> The Stock we want to short Closed at 13.
>
> If it goes down to 12 1/2 THEN we wish to Sell SHORT at 12 3/4
> IF the stock recovers to this level.
>
> Datek's ORDER Screen
> --------------------------
> We tried to place this order as follows:-
>
> Sell 100 MAXI 12 1/2 STOP LIMIT DAY 12 3/4 STOP LIMIT
>
> Thus, if the stock falls from 13 to 12 1/2 the Order would be
> triggered,
> and then, executed on an uptick if it rises back to 12 3/4
> .............
>
> So, what did we do wrong ???
> Datek System rejects the Order, with Message "CANNOT SHORT STOCK ON A
> DOWNTICK @ BID PRICE" . . . This message seems NOT Helpful :-(
>
> What must we do ??
>
> Thank you.
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