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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (1956)	12/9/1997 8:56:00 AM
From: Dale Baker	Read Replies (1) of 4969

I recently had a problem with a short-cover stop set at 37. The stock showed a daily high of 36 7/8, then E*Trade notified me that my stop had executed at 36 7/8. I queried it and their trading desk said the stock hit 37 shortly after the open so it was a "good fill". I broke even on the deal but would have been a point ahead if I still held the position. Is it possible that the stock traded at 37 but that didn't show up in the regular data? Or does the bid just have to hit 37 for a short-cover stop to become a limit order? Seems a bit fishy to me. Trying to learn from the experience, as always. Thanks.

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