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-----Original Message-----
From: GC
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
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