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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (24291)	10/28/1997 11:05:00 PM
From: Mark Adams	Read Replies (1) of 132070

What gets me is the delay in confirming fills leaves the door wide open for abuse. Use a limit order, and they can just sit on it till they got a sure thing; use a market order and they can jack the qoute up an 1/8th. Now I've gotten good executions, but I've seen some times lately where the MM just didn't seem to want to play. Best example is some covered calls I sold on one of your favorites, SWC about 4 weeks ago. I put in a limit to sell a few calls at 1 1/4 two days in a row, then on the third dropped to 1 3/16's. The market maker wouldn't take the other side, is how I figure it, until someone else stepped up to take the other side, then he grabbed his spread. If I put an order in to sell 5 calls a 1/16 or 1/8th below the ask, shouldn't the ask move to show my offer? Do I have to move to 10 to see the ask drop? I know, I shouldn't trade options in backwater stocks <g> :)

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