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Market orders do get filled at the market, that is what
a market orders is. At the market at the time your
order hits the floor. Do not go by machine quotes.
They can change second to second, they may not be
updated. Unfortunately we can not sell it to the quote
machine. You could put a limit order in at the bid and
then change it in XXXX seconds if you felt it was not
executed.
Norman E.
Dick Crotinger wrote:
>
> I just closed a trade in an equity option, OILHV, at 1515 EST. My
> screen (DTN) showed the BID at 5/8, which had fluctuated at 5/8 - 11/16 most
> of the afternoon. 95 contracts traded so far. I felt the stock was
> correcting and decided to close my long trade in the call option. The
> option suddenly dipped to 9/16 bid five minutes AFTER placing my Dreyfus
> order, which is where I was then filled. Dreyfus fills this kind of trade
> all the time almost immediately (~30 seconds)... this one took five minutes.
> The option then IMMEDIATELY went back to 5/8 bid. The option during the
> last 15 minutes prior to the close started bidding at 9/16.
>
> I KNOW this is a thinly traded option (948 contracts)(but what is
> "thinly?"). I KNOW that a market order is for he who wants an absolute
> unconditional exit... that's why I use it when I want to pull a trade. (My
> entries are limits). But this pisses me off. The trade size was 10
> contracts, and I was under the impression that a market order to the bid or
> ask is GUARANTEED at least a 30-contract fill. Why did this trade go a
> notch lower, to the "screw-em" point? HOW CAN THEY DO THAT?
>
> This is not a big financial deal... he got the teenie and I didn't. But
> I have to believe that CBOT et al are not happy with the recent several
> years reduction in participation by "the public." Well, it's because of
> this kind of stuff. Most of the time, I'm happy with my 10-second fills
> using the above approach, but once in a while this happens...
>
> Doc... anybody... is this the only way to do this kind of trading? Why
> don't market orders get filled at the market?
>
> Dick Crotinger
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