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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (5418)10/7/1998 8:41:00 PM
From: Eric P  Read Replies (1) of 12617
 
I have a question that I hope someone can help me with concerning SOES trades. Yes, I know, SOES is not very useful anymore and daytraders are using it less and less. However, there are times when a SOES order seems like the best alternative available.

Recently, I have had a similar problem twice with SOES market orders when trying to close out a position. In both case, I have received a SOES market fill at a price BELOW the inside bid price.

For example, assume a stock is trading at 50 1/2 by 5/8. You place a SOES market order. No immediate fill. The price drops to 7/16 by 1/2. No fill. Price drops to 3/8 by 1/2. You receive a fill now at 50 1/4. Price remains at 3/8 by 1/2 for 15 more seconds, then drops to 50 1/4 by 3/8.

My question: How can you be filled at a price that is worse than the inside bid/ask? I can understand not begin filled at all. But I don't understand getting filled at a price that is worse than the inside bid/ask.

Note: I get PC Quote satellite datafeed which has never had any problems begin delayed. In addition, in these two cases, the stock did not go down to my fill price for an instant, fill me, and then jump back up. Instead, I got filled at a price BEFORE the inside bid/ask reached that price. Am I being screwed?

-Eric
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