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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (30592)	8/6/1998 11:39:00 AM
From: tom r. phillips	Read Replies (1) of 132070

Michael -- following your alert a few weeks ago, i took a look for myself and bought some CIEN Jan. 65 puts. (thanks, but i sold them too soon to profit super big-time!) when i bought them (mid-day), they had not yet traded, but i saw the real-time quote from Waterhouse bounce above and below my 1 9/16 limit-order price repeatedly for over 30 minutes without a sale. i called my broker and complained. he said that the market maker was not required to sell (10 contracts) to me because "it hasn't opened yet ... those quotes don't really mean anything because the contract hasn't yet traded today." i persisted in my complaining, he said he'd check with his "order desk", and i got the puts within a few minutes at my limit price. i should know what i'm entitled to in a situation like this, what the rules are (or aren't) -- but the truth is that i forget alot of what i read! can you and others shed some light? tom phillips

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