DCTC - DCI Telecommunications Message Board

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Microcap & Penny Stocks : DCTC - DCI Telecommunications

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To: Salim Ilmudeen who wrote (2265)	6/19/1997 10:20:00 PM
From: Colin Cody	of 4489

It is a misconception that just because you have a limit order to BUY at $1.625 placed, let's say at Sherwood Securities, and the INSIDE QUOTE also happens to be $1.625 ASK and there are trades going across the tape at $1.625 that you are entitled... The reasons are many. There could be a long LIST in front of you of $1.625 orders placed at Sherwood before yours. Sherwood might not be the Inside Ask, rather they might be at $2.00 Ask for the simple reason that they don't have any stock to sell! The trades you see on the Tape might be from a different Market Maker, Herzog or Troster for example. What THEY do doesn't necessarily mean Sherwood will match their price, especially if Sherwood has no stock to sell! Some times "arrangements" are made with a brokerage where Sherwood has agreed to meet any order placed at the posted inside quote, EVEN if it means they gotta go SHORT to meet their obligation. This "arrangement" is usually for a small reasonable "size" of perhaps 1,000 shares. Had you placed an order for 5,000 shares they might not need to honor the arrangement, even if they had one. Capisce?

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