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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: funk who wrote (858)11/7/1997 9:06:00 PM
From: ojai  Read Replies (2) of 12617
 
aeashley-

I was the one saying that the MM's play with stops, I don't know for certain if that is true, but I do know that they manipulate the prices up and down, triggering stops as they go. That is why when a stock price drops 10-20% or so, it will sometimes go down more, and rapidly, because sell stops are being triggered. Of course short covering can compensate for that, giving a false rally.
I am currently using Datek, which allows you to place market and limit stops. Stop Market = once the stop is triggered, your sell order becomes a market order. Stop Limit = once the stop is triggered, your sell order becomes a limit order at the price you set. I've heard of limit orders being passed up in a fast moving market, and you could be left holding the stock anyway. Also, I believe Datek does not allow stop orders on NYSE, only NASDAQ.
-Tim
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