The Thread Formerly Known as No Rest For The Wicked Message Board

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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: Tim Luke who wrote (70439)	11/5/1999 3:39:00 PM
From: London Brian	Read Replies (2) of 90042

Tim is right!!! I've heard a lot of warnings here about manipulation by MM's. Tim often talks about the first 1/2 hour of the day. This week I saw the most obvious example of this. Earlier this week, my brother wanted to buy some JCDA early in the morning. He was trying to put limit orders over the internet but had problems with the connection so he called waterhouse on the phone. He told them to put in a limit order at 27 and the broker came back to say that the ask was 27 1/4 so he said OK put in a market order (despite my previous warnings). After waiting on hold for 3 minutes the broker said "it should have executed by now" and he hung up. The reality: 7 minutes after the order was placed it executed at a price over $35. About 20 minutes later the price was back to 30. The MM had so many buy orders he walked the price up, filled they, and then let it go back down. I think now I can convince him to get an account with AB watley. -Brian

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