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Biotech / Medical : Geron Corp.
GERN 1.530+4.8%Feb 6 9:30 AM EST
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To: Haolin Ni who wrote (695)1/15/1998 8:46:00 AM
From: the Chief   of 3578
 
Once your "limit" order is loaded into the computer,it remains limit. The computer pairs up all of the market orders as a "first priority". When the market orders are satisfied the system then scans the limit orders and satisfies the outstanding buys at that level.

you said:
"my understanding is my limite order should be changed to market order automaticly before market open since the bid price is high than my limite price."

In a low order situation(this was not) this might be the case. However, because the bid price fluctuates wildly during the last few minutes/seconds prior to market open, one cannot be guaranteed until the "system" starts pairing the buy/sells that the open price is going to be higher than your limit order. During this process of establishing the open price limit orders are not used. Therefore, the open price, when it occurs, is then found to be higher than your limit, and then you are paired!!!

open for debate/comment

the Chief
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