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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: trion12 who wrote (12956)	8/4/1999 10:46:00 AM
From: Jon Tara	Read Replies (2) \| Respond to of 16892

trion, you still haven't proven your case. The fact that there were "numerous" bids at 71 7/8, 3/4, 11/16, etc. isn't enough. In fact, the evidence tends to support Datek. It is obvious that the stock was dropping rapidly at the time that your order was activated. When a stock is moving rapidly, it can be difficult to get a fill. This isn't Datek's fault - they are at the mercy of the MMs and the availability of inventory on Island. When your stop is hit, your order becomes a market order. So, the question is, was your order treated like any other market order at that time? What was the bid/ask at the time of your order activation? What was it in the few minutes leading up to it? (Was it dropping at the time of activation? How fast?) What was it in the time from activation to exection? (Was it still dropping? How fast?) What was it in the few minutes after exection. (Was it dropping still? How fast?) How long did it take your order to be executed? What was the bid at the time of execution? The only open-and-shut case is if the bid was above the price you got at the time of execution. If that's the case, they definately owe you a better fill. If it simply took some time to get your order executed, then then question is, whose fault was the delay? Was it because of a delay in order processing at Datek? Or did they dilligently present your trade to one or more market-makers, who did not act on it immediately? If the stock was dropping rapidly at the time, that fact is not going to support your case, and it is going to be difficult to prove that Datek did anything wrong. In fact, they probably didn't. I don't know if you've ever tried to buy or sell a NASDAQ stock while it is moving, but it is darn difficult - particularly if it isn't a widely-traded stock (if it's a bit thin). You usually wind-up having to "chase" the stock. If you have, you should understand. Now, why do you expect it to be any easier when you place a stop order? Examine the entire history in the few minutes around your trade. If the stock price was fairly stable, you probably have a case. If the market appeared somewhat panicked, with rapid changes in the stock price, then what happened is probably entirely reasonable.