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Pastimes : ISOMAN AND HIS CAVE OF SOLITUDE -- Ignore unavailable to you. Want to Upgrade?

To: wlcnyc who wrote (341)	3/23/2000 7:02:00 AM
From: ISOMAN	Read Replies (1) \| Respond to of 539

Web street. Heard good and bad. but then, I have heard good and bad about every broker... as for how Fidlity calculates closing prices...Bizzare I guess. Etrade and TDwaterhouse use the last price of the day, doesn't matter if it went at the bid or at the ask. I guess Fidelity wants to prevent people from over extending their margin... If they used best Ask at the end of the day, that could cause problems.. NITE , for instance puts their computers on auto fill at times, and their brokers sometimes will punch in a higher ask at close..for instance if the ask was at $30 all day, At close they might punch in $31. well if all the other market makers follow suit then that would show your positions at $31..giving you more margin than you really have the next day....Not a big deal usually, but what if you happened to buy a CRAZY.COM share and the ask was $100, and they close and bump it to $200 on auto. I've seen it. market orders are evil. I use a full service broker mostly, myself. no online no touch tone. No musak......no waits...no BS..I pay $75 a side...1 share or a bizzillian...actually, when I think about it, he isn't a full service broker, he is just a live independant broker...I mean he doesn t send out email newsletters or research reports or all that other CRAP that the full service brokers seem to think you want. He gives me exactly what I want "Hello? Yes, sell DUMB on the NASDAQ now...get rid of it, and while your at it, buy some SCAM on the OTC, I hear it is going to the moon...." "Ok.......and filled...anything else? " "Yeah. A big mac combo." (and if he lets you buy, say 10,000 shares of TIVO at say an average of $37, and then actually listens to you when you say hold for now, only to wach it drop 4 points...well you can go punch him in the nose for listening to you..) Just a hypothetical situation mind you.