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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (43876)	1/19/1999 12:31:00 PM
From: lrb	Read Replies (2) of 132070

I have a questions about basic market mechanics. I apologize if this is off topic. A week ago I placed a good-till-cancelled limit order to sell a number shares of ORCL @ 49 3/8. ORCL's price at the time was around 46. Last night ORCL closed at 47 1/8. This morning it opened at around 50, and by the time I checked the status of my order, the sale had been completed in chunks at prices ranging between 50 1/16 and 50 1/8. How could my order be filled above the limit price? Doesn't that mean that a buyer paid too much. I.e., I had stated a willingness to sell at 49 3/8, so why should anyone be happy to buy my shares for more than that? I've always understood that the limit price means "at this price or better", but I've never understood how the "or better" can come about. --lrb

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