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Non-Tech : Datek Brokerage $9.95 a trade
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To: Roger A. Babb who wrote (5243)10/8/1997 2:30:00 PM
From: The Vet   of 16892
 
Actually I already had 4935 shares to go with them before I started to sell (I was holding 5000). How many do I buy now? 35 to make up 100.. That means it going to cost me at least 3 commissions plus the spread and then they could do the same thing again when I tried to sell the 100 shares and leave me with another odd lot. I notice a lot of odd lots on Island that stay there for long periods of time. It almost means that you have to avoid those stocks if you see an odd lot on Island or else you end up the loser in the game of musical chairs and get stuck with the odd lot yourself.

This brings up an interesting point I had not considered before. NMPS is now trading at BID 6 5/8 ASK 6 3/4. My ASK on Island is 6 5/8 but is not represented to the market because it has become an odd lot. If another DATEK customer put in an ASK of 5000 shares at 6 11/16 theirs would be the second lowest on the ASK on Island and even though they should make the ASK on NASDAQ would they be represented to the market. I doubt that they would, so an odd lot in front of your BID or ASK is likely to block your market representation even though it is better than the quoted price. Would you Roger or anyone from DATEK like to comment on this as it may be the reason for some of the non executions from Island..
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