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Technology Stocks : QUANTUM
QNTM 10.60+5.1%Dec 9 3:59 PM EST
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To: KevinThompson who wrote (8434)2/7/1999 9:59:00 PM
From: Steve Rolfe   of 9124
 
Kevin,

You are not seeing things. This may not be exactly what you are talking about and you may already be aware of this. If you are between bid and ask the market maker has to take care of your order or move their price to what you have requested. i.e. You put in a buy at 10 1/8 and the bid was 10 and the ask was 10 1/4. The MM have to give it to you at 10 1/8 or move the bid to 10 1/8. I am not sure which exchanges have this rule. NASDAQ and maybe NYSE - not sure. You had effectively put out a better bid than the MM and someone trying to sell could get a better price as well. Someone trying to sell at 10 1/8 loves you. I believe they can match you up with a seller in that case and keep their bid/ask. It is a rule as far as I know. I sometimes play with the rule for fun. It is a great way to narrow those obnoxious spreads you see sometimes. I have reread this post a few times and have myself confused - I think it is accurate. In any case they do move those around based on incoming orders - they have to move the bid/ask, execute or possibly put your order through directly to someone else on the other side of the trade. Is this what you were talking about or are you talking about bigger moves to stop you out? Also, have you noticed that the quicker your order is filled the quicker you have just lost an 1/8 or 1/16! You ever feel like you are the last one to pay a certain price before it moves?

Steve
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