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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (2361)1/13/1998 6:20:00 PM
From: Eric P  Read Replies (1) of 12617
 
Steve:

Thanks for your comments, I appreciate your insight.

I would value your view on the best way to get filled in an active stock. Let me give you a hypothetical example. Let's assume that you wanted to close out a short position of 1000 shares of DELL. The stock has just finished dropping 1 1/4 points in the last 20 minutes. You see that the market has stabilized at 80 bid and 80 1/8 asked. Further, you note that the 9 marketmakers on the ask has quickly dwindled to 5 in the last 15 seconds. Viewing your level II quotes, you see the following on the ask:

80 1/8 MASH 10 (i.e. 1000 shares)
80 1/8 GSCO 10
80 1/8 ISLD* 6
80 1/8 BEST 10
80 1/8 INCA* 24
80 3/16 JNSN 10
80 1/4 ==> Two marketmakers with 2000 shares
80 3/8 ==> Five marketmakers with 4500 shares

How would you seek to execute this order?
a) SOES order
b) SNET preference to MASH
c) SNET preference to INCA
d) SNET preference to ISLD 600 shares, fill remaining 400 with (?)
e) Other?

Being the head trader at your firm for many years, I know this is likely right up your alley. I would appreciate your advice and insight in how you would proceed to close this trade. and equally important, why you would choose that path. Your thoughts would be VERY helpful for me and likely many other readers of this thread.

Thanks and Happy Trading,
-Eric
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