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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: bdog who wrote (23544)11/28/1998 11:32:00 AM
From: freelyhovering  Read Replies (1) of 79273
 
bdog--I had a similar experience with ONSL. I held the stock from Wed from 55 5/8. When I saw the action on Friday early a.m., I sold at market and got out at 73 5/8. I was following the market by telebroker and heard that the stock had hit 80 5/8 and backed off. I thought I would put in a limit order at 80 3/4=first mistake as I got distracted. Next time I checked it was 89. I put in a market order at 11:38 with Schwab. I checked 5 minutes later and the stock was reported at 90 1/4. I started calling Schwab as the execution did not take. I assumed that when you put in a market order, you get the price the market is at at the time.==WRONG!!!!!!!!! Finally at 12:04 I got an execution(literally) at 99 1/2. I saw it stalled around 100 and put in a sell at 96 1/2 or better and got filled immediately. I called all the way up to the Directors Division of Schwab and got a call back fairly promptly. I was told that ONSL turned off its automatic fill setting as MM are allowed to do when the action gets too furious. This is so they can protect their bid and ask spread to insure their profits. I was told that they have no obligation to fill at the market price and even at market one is put in line and get executions when your order reaches the front of the line.(like being put on call waiting in order). The Schwab rep. said it was perfectly legal and not a thing one could do about it. A good lesson to learn playing these fast action stocks. The only way to protect, is to put in limit buys. I would not trust a limit sell stop as it could be leap frogged and one could get fugged. Tough day but I did make some good profits.

Myron
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