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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Carl R. who wrote (37928)10/21/1999 8:07:00 AM
From: Patrick Slevin  Read Replies (1) of 44573
 
I know the general drill with stocks, because I traded NASD for a few firms in New York.

What I meant was, if you had a GTC order in at a price and it dropped below it, I don't know if, in a fast market, you would be done.

Come to think of it, I'm no longer certain you would be done in the SnP market.

But typically, if the price trades through yours....say if you had a Limit Buy at 1290 and it ticked 1289.90?...you have to be done. You might be done at 1290 or 1289.90, but you have to be done.

If later on you sold at 1295 and the market dropped to 1291 they cannot tell you that you are now Short one because you weren't done at 1290. There isn't a Specialist involved, taking the spread. Even if it's your own Clearing Firm, someone has to make good on your Buy.
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