From the comments lately in this thread, it seems like market orders are where they really have lousy performance. Lots of accusations have flown as to what Datek may be doing with those type of orders. I don't know what to think, but in this atmosphere, I certainly wouldn't play with market orders through Datek. You totally give up the control of the trade, and place it in the hands of a broker who is definitely having troubles lately, especially with those type orders.
Listen, I often say that you just have to bite the bullet sometimes and place market orders on fast movers, but no way I do that with Datek anymore. If you can't get filled with a limit order, pass on the trade. There's a lot of other trades out there that you can make and have some hope of getting a good fill.
And yes, the actual size rule started today, but I saw no observable difference. IMHO, it shouldn't matter much, since SOES trades have been declining anyway. Also, a MM has costs associated with every trade also, so I can't see them messing with too many 100 share orders. My feeling is they will honor far more than the 100 they are required to. Just my opinion. Open to other thoughts.
Len |
