Tim,
Hi! In cases such as yours, I can only tell you what I do in similar situations. If a stock is expected to perhaps gap up, I don't ever place a market order BEFORE the open. What I do is to sit there AT the open and see where it opens. If it opens with a gap up, then I usually sit and wait for the price to fall back a little, and then place a market order. If it doesn't gap up, but instead begins to move forward at a fast pace, then I place a market order. I've found that I almost always get filled at a fairly good price.
From watching TOL in the past, I discovered that market orders go through almost instantaneously, even if one does not get confirmation of that fact until later.
However, if I am at my last dollars and simply CAN'T afford to take the chance of paying more per share than what I want to pay, then I place a limit order at whatever price I can afford. If this doesn't get filled, and I find that later on I still want the stock, then I will lower the number of shares I'm ordering and go ahead a change that limit to a market order.
But I repeat....if you're expecting a stock to gap up in the morning, don't EVER place a market order before the market opens....or you'll get raped.
Juanita |
