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Strategies & Market Trends : From the Trading Desk

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To: Dan Duchardt who wrote (4772)3/4/2000 1:11:00 PM
From: steve goldman   of 4969
 
Ding! Ding! give that man a prize! answerwas just about perfect.
you could have given a limit 10 points and even if it fell only 2 points and stopped dead cold with an upbid, and even if it was your offer 1/16 higher, you being on the offer, and didnt budge all day, printed a zillion shares on the bid and even on the offer, though taking out OTHER peoples offer, you still mightnot get something done.
i've had people try to short illiquid stocks
stock is 10 x 10 1/16 (their offer, downbid at 10) and it doesnt move all day. 10000 shares trade. NOTHING DONE. client cantbelieve it.
believe it. its the nasd upbid rule.
-steve
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