Market or limit makes no difference if you are not getting filled that means that the selling is dry for now and could start climbing as more buying come in.
What I was trying to "get at" was the fact that if one places a market order, there damned well better be some shares being sold (at least as large as the ask size) or I would be wanting to know why, through my broker, pronto!
I'm fairly sure the guy's order was not at market because no shares were traded in his case. A MM cannot simply put a bid/ask out there and refuse to make trades at least to the extent of the bid or ask sizes when a market order is placed to buy or sell.
About a year ago I placed a market order for NPEC and these MM jerks raised the ask to a much higher price (for about 1/2 minute), filled my order at the absolutely highest trade of the day, then yanked the bid/ask right back down below the price I paid a few seconds later. I was so $%#&@ incensed by this that I called my broker and disputed the trade, demanding that they look at the ten trades prior to and the ten trades after my trade to prove my point. My broker could not "reverse" the trade but, instead, charged me no commission instead....nearly offsetting the effect of the dip shit MM's screwing me like that. I was satisfied and ever since look at the bid/ask one second before I push the button in my computer to place a market order, thus assuring that there will, indeed, be some shares sold to me.....most likely at the current ask.
It's really sad the lessons we have to learn in this life just to protect ourselves from unscrupulous people!
Oh well, live and learn,
Dave |
