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Non-Tech : Fidelity FOX Spartan Brokerage
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To: SJS who wrote (175)6/30/1999 8:51:00 PM
From: Stinkie  Read Replies (1) of 222
 
No I don't think any trade should take 7 minutes to fill with all the volume on that stock. Do you think 7 minutes is reasonable for your trades? If yes, then you have been with Fidelity too long my friend. My point is to let those who are expecting to trade actively to look elsewhere. As a test today a Datek user and I placed trades simultaneously (as was the case yesterday): 1000 NDB @ market when the rally started in the afternoon. Yes I know to avoid market orders, but curious about the fill time. And again he got filled several points lower than I did. Datek about 1 minute to fill, Fidelity 5 minutes to fill. This has happened quite a bit lately. And no not always on a volatile stock. This makes them useless for active trading regardless of any bells and whistles they come up with for software. Usually I see an order show up immediately on Level II, but every once and a while? The only thing that makes sense is: Does Fidelity trade against you? In other words, if they are selling you a stock out of their inventory or trading against you and it is running, will they hold your trade as long as possible to let it run up before they execute your trade? They must salivate when they see a market order. Are the bad fills intentional? Is Fidelity taking your money by sitting on your trades and trading against you? I'm not much of a conspiracy buff. Hell, I live in Dallas and have never watched the Zabruter tape. But it's the only thing that makes sense to me and should serve as a warning to any short term traders I leave behind. I'm just waiting till my assets get transfered out of this mutual fund company...
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