Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: RocketMan who wrote (874)	1/10/2000 9:32:00 AM
From: Jill	Respond to of 8096

I so rarely use market orders that I do not have a lot of experience to bring to the answer. I did have another Poet/Jill experience though--we were both on the phone, and this was when QCOM was doing its mad presplit run and we were trying to roll out calls. And I believe it had retrenched about 20 points that day, so we were trying to pick up some moderately OTM calls. We both put our orders in as market orders at the same time, while on the phone with each other, because the stock was moving so fast we didn't know where to catch it. Hers got filled at 50 and mine at 55. Now that is a big difference for two orders given at exactly the same time. I called Fidelity and they gave me some falderol about my being in line and having to wait bla bla bla. But my fill turned out to be the high of the day--and I feel they used the market order to "set" the high of the day on my fill, and probably then mess around with other orders as well. I mean, after all, they need to make $ on these spreads, that's their business. Well, I was so annoyed I also sold 1 put, only 1, for 5 bucks, and made back my $ in about a week. Just so I could feel I got the same price as Poet! :-) Silly story in a way but it convinced me NEVER to chase it. With this kind of volatile market, let it come to you. It plays a lot of games but it almost always comes back to you sooner or later. Jill