The Final Frontier - Online Remote Trading Message Board

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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Daniel Goncharoff who wrote (4223)	5/19/1998 11:58:00 AM
From: Robert Graham	Read Replies (1) of 12617

Ah, I see where you were coming from now! I suspected this, but I suppose I let my frustration with the MM get in the way here in not seeing this in your post. Yes, I agree there is a possibility for the limit order not to transact when placed between the bid and ask. I think this is particularly the case for a more illiquid option. It is frustrating indeed! As a follow up note, today the stock has went up an extra 1/16 of a point. The current quote on the option is the same as yesterday where I tried to transact between the bid and ask. Today I have been succeeding. So far I have sent off two successful orders, all of which transacted within the hour. I am on my third and final order. What makes this interesting is that it appears I am the only one transacting on this option for today. I think the surge in the stock price from the low it settled down to before yesterday's close gave the MM the confidence he needed to take my options. At a predictable time, the buying activity on this stock started to abate, so this is when I placed my last order in. The trading on the stock will slow down from here to thin trading for the rest of the day. I think this is where the price will pull back and the MM will be less confident in taking my call options. A fun game...but at times very frustrating. My broker is not helping me either with keeping me on hold, and other more serious offenses I have encountered in the past, like taking his time up to at least 10 to 15 minutes to enter my order into his system. Or entering a GTC order instead of a "good just for the day" type of order that I use with options. Not calling me back with a fill report even by the end of the day even though the order was filled 1/2 an hour after being placed with the broker earlier in the day. So on and so forth. Bob Graham

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