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Strategies & Market Trends : The Options Box

QQQ 608.89

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Nov 25 4:00 PM EST

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To: rx4pain who wrote (9390)	2/3/2001 9:52:15 AM
From: Bridge Player	Read Replies (3) of 10876

<< I've sat in amazement as my limit orders at the ask sit for 30-40 minutes >> Usually when this happens to me it is because my order was not routed to the exchange with the lowest asking price. At the risk of stating the obvious, most quotation services, including quotes supplied by your broker, reflect a composite quote from all of the option exchanges that trade that particular option, i.e. they will show the highest bid price and the lowest ask price. Unless you are trading with a firm that allows you to route your order to a specific exchange, or specify same thru a real live person (trader), you have no control over which exchange your order is actually routed to. If there is a slight difference in quotes between exchanges, which is the normal condition, your order to buy at 5 1/2 limit may sit for an extended period at an exchange where the ask is 5 5/8 with nothing done, while at another exchange the option is actively trading at 5 1/8 to 5 1/2. And all while your quote service continues to show 5 1/2 as the current asking price. Apologies if this is obvious to all, not intended to be condescending.

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