|
PureBytes Links
Trading Reference Links
|
-----Original Message-----
From: G.C
Sent: February 16, 1999 8:38 AM
To: spider@xxxxxxxxxxxxxxx
Subject: Stock(s) Second opinion
Dear List Members:
I have a problem that requires a second opinion. I have gone over this
with a friend of mine who is an ex-floor trader (stocks) and suggested that
I take this matter to mediation/arbitration. He has also encouraged me to
ask the group and my peers for help and guidance. If any members of Real
Traders group has an opinion or comment please E-mail directly. Your help
would be greatly appreciated.
On Jan 22, 1999 @ 9:33 ET I placed an order through an online broker to buy
600 shares of AMZN @ 99 1/4 limit, gtc. to cover a short position.
I 'am watching the stock trade on my computer since I get real time quotes
and running Tradestation ( so I "know" more or less where I am with my
order.) Amazon trades below my price, I see prices touch as low as 99 on my
chart after my order is in, so I assume I 'm filled.
To my gut wrenching surprise I eventually discover that I'm not filled.
Furthermore all my efforts to get to the bottom of this with my broker
have been futile. They claimed that "AMZN is a fast market stock therefore
they don't owe me a fill".
I pursued this further and obtained time and sales from NASDAQ which
clearly shows that there were numerous trades that took place below my bid
many minutes after I entered my order.
This leads me to draw two possible scenarios. 1) Either my online broker
lost my order which never made it to the nasdaq market-maker system or 2)
the nasdaq market makers traded right through my price even though I had
the best bid up for many minutes and never posted my bid on their board.
I am appealing to you all for your input on this. This problem
unfortunately involves a major part of my portfolio.
Thank you.
GC
Attachment Converted: "c:\eudora\attach\WINMAIL20.DAT"
|