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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (4427)	9/26/1999 10:29:00 AM
From: sam	Read Replies (4) \| Respond to of 18137

Truff: I have a question for everyone. This is a real story fwiw. Couple days ago I was watching the mms begin posting their bids and asks at 8:15 (as I always do). As always, I was looking to pick up some cheap shares if they came my way...or short if the situation arose. I chose a few stocks I thought could move. Anyway, someone posted a 500 share lot to sell 70 points away from market on the Island...on a stock that was clearly going to take a hit that day. Major downgrade. Bad news. (RMBS fwiw). Question was -- how big of a hit. I picked up the shares. I called my brokerage to confirm the trade...and they told me that the trade DID go through but would not be honored. Soon they lifted the shares from my account. They said no reasonable person would have made that trade on the other end. I said -- 1. I'm not in the business of judging other people's motivations. People have all sorts of reasons for making trades. Tax reasons. The instillation of fear. 2. How come the brokerage has been unwilling to stick up for me when I have made mistakes that "no reasonable person would have made." Like when I buy when I really mean to sell. 3. I've seen stocks move more than 70 points in a single day on news. Like Ebay after earnings and Mary Meeker's upgrade some time ago. The brokerage house said: Tough luck. Anyone ever have a situation like this? Is there anything that can be done? Just wondering.