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Strategies & Market Trends : Tech Stock Options
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To: AlanH who wrote (45771)6/14/1998 11:53:00 PM
From: WBendus  Read Replies (1) of 58727
 
Alan,

Thanks for your explanation and tend to agree with you. My order was in fact a limit order, with out the all-or-none designation. I usually do not use all-or-none designations unless I am entering or exiting a trade at the very near end of the day and the options are not liquid. The funny thing about the trade is that who ever got the four contracts must not have used a market order. My contracts were purchased at the BID and a market order would have most likely been purchased at the ASK. However, it is entirely possible that somebody had a limit order for four contracts that might have been placed before my order.

I intend to follow up with this tomorrow with the AMEX themselves to try and understand how this could happen. I can understand the market makers combining the order, but why would they report a combined order? Something smells a little funny to me or possibly I just need to be enlightened as to how order flow works. I know that market orders typically supersede limit orders, but what about when the limit price is the market price? Can a market order supersede that, or does the limit order become a market order for that price?

Thanks for your time, and yes I do realize these things happen. Unfortunately, my greed got in the way of my just filling the rest of the position but the B/A spreads were pretty big for such a cheap option. After I learned that I was only filled on 6, I lowered my bid to 2 1/4. The bid dropped to 2 5/16 momentarily and then the market took off and I was left in the dust on the remaining four contracts. Oh well, such is life.

Wayde.
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