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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who wrote (6160)	1/8/1999 8:54:00 AM
From: WaveSeeker	Read Replies (1) of 12617

I had an interesting pre-market trade yesterday and would like to hear people's opinions on the matter. Yesterday morning, around 8:30 am, I saw a COOL offer on Instinet way below the close thinking that maybe they had terrible earnings. The offer was for 2000 shares at 13 3/16 with the next highest offer being 26 1/2. I immediately bought the 2000 shares thinking that whenever a stock gaps down like this, there's usually a morning bounce. Around 9:25 am, I received a call from my trading firm that the trade had been broken. No doubt, I could have probably sold the shares on the opening because the bid remained around 26 until the opening; however, the rep explained to me that the NASD would have broken the trade because I could have turned around and sold the shares for an immediate large profit. However, I have come to believe that pre- and post-market trades are like the wild West because of the dramatically fluctuating prices. Was it legal to break this trade? Would love to hear your opinions on the subject... Thanks.

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