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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (2854)	4/14/1998 6:34:00 AM
From: Dale Baker	Read Replies (1) of 4969

Here's an execution story you may find interesting. Yesterday I bought 3000 IFLYW in lots of 500 and 2500 at 1 1/2, right at the open. I watched IFLYW go up and put in a market sell order for all 3000 about 30 minutes later. The desperation to buy was so strong that 500 went off at 2 1/8, 500 more at 2 3/16 and the last 2000 at 2 7/32. First time I have ever seen a market order get great execution. With all the liquidity, I am very surprised that the whole 3000 wasn't snapped up at 2 1/8. What would you attribute that to? Simple manic trading? I don't have Level 2 so I can't see the bid size except what appears in simple real-time quotes.

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