Options 201: Beyond Obi-Wan-Kenobe Message Board

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Strategies & Market Trends : Options 201: Beyond Obi-Wan-Kenobe

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To: Ira Player who wrote (1059)	10/21/2004 2:29:26 PM
From: LLCF	of 1064

< My "Bid" never effects the published "Bid". I get a fill when the "ask" moves to me. Try it and see.> You didn't say THAT. You said "you can send in a sell ar 4.3 and it could sit there for hours with the guys in the pits selling to others at 4.4, totally ignoring a valid ask of 4.3." That cannot happen, and if it has happend to you your broker can simply look at "time and sales" and you get 4.4 for as many that sold there.... period. NO MARKET MAKER HAS SOLD AT A HIGHER PRICE THAN A PUBLIC OFFER IN DECADES [except in some crazy fast market, I wouln't use anything but a limit order in a fast market] He could lose his BD in a second. What CAN happen is the specialist or your broker can elect to "be the offer" [since you ARE the best offer] at 4.4... and you are protected against ANYONE selling in front of you. Why do they do this??? Because again, they want the market to be hundreds of contracts by hundreds of contracts. If they show your 3 lot and someone blasts a 50 lot order in to buy @ 4.3... guess what, they have to sell 47!! DAK

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