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Technology Stocks : Stock Swap
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To: p. webster who wrote (154)2/18/1997 11:46:00 PM
From: Roger Gliedt   of 17305
 
RE: Stops

I agree with Webster. Better to get stopped out than to risk a major
loss. However, on the NASDAQ it seems that stop loss orders do go to the trading floor and MMs have a practice called "gunning for stops".
I am repeating this info as heresay from the Z thread this is not
from personal inquiry. I did observe during my little play in the
CCEE stock that after buying at 5/8s it went to a spread of 11/16 X
3/4. I put in a stop loss to sell at 9/16 in case it retreated to
make sure it stayed a winner and planned to move it up under the
spread as it went up. Within 5 minutes after placing the stop loss
it triggered and sold. I looked later at the intraday chart and
you could see a little spike down that went down and got my shares
and nothing else. I saw that and I said Hummmmmmmmmm!

Z thread recommends against stop loss on the floor on NASDAQ. Therefore the order must be held by your broker or you will have to
be able to carry it in your head and pull the trigger manually. NYSE
is different I don't think its a problem to use a stop loss there.

Another way on the NASDAQ would be to put a stop loss low enough to
insure that it will only trigger if the stock is tanking big time.
But tight stop losses are just chum on the water for these guys in
my opinion.

RG
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