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Strategies & Market Trends : APMP (formerly APM)
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To: Wall Street Jr who wrote (11078)5/7/1998 6:08:00 AM
From: Richard Haugland  Read Replies (1) of 13456
 
Wall Street Jr. Yes my order to sell was a limit order at 17 15/16. However, at the open these are filled at the prevailing price as long as it is equal or higher than the limit. On low volume stocks that are destined to head up during the day I am sure I have had it picked up at my price then immediately raised to sell to some other customer but I almost always put these limit offers to sell above the market at what I anticipate will be the peak price for the day since I often then try to buy it back again at a lower price later in the day. However this was as extraordinary rise after the euphoria has recided. Some times I have been able to guess this and sometimes the stock just keeps going up. Recently this has worked particularly well the past few months on NETA, where I place an order to buy well below the market price (or buy after I see a reasonably big drop during the day) and sell a dollar or more above the market price (it is trading near 71 now). I have made over 40 trades of 1k shares of NETA in the past 2 1/2 months, with only perhaps 2 at a loss. Monday I bought at 70 1/16 and Tuesday I sold at 70 7/8 (could have gotten more later in the day, however, but the market looked bad). I usually try to net about 3/4 or more but I also keep a core of NETA. Fortunately that stock is trending up, had good earnings and announced a 3 for 2 stock split that should give it stable to rising prices for the near future. However, overall it has not gone up much in the past 3 months and is still down from a recent peak.

I also had one buy order recently (for PDS) filled at 23 during the day when my bid was 23 1/4. No explanation of that "bargain" because those orders usually fill at the bid price even when the stock is rapidly descending. I suspect it was part of a larger block sale to someone.

I trade on line using Schwab's trading program (not their Web site), if that makes any difference.
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