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

To: Threei who wrote (8064)	4/28/2000 7:57:00 AM
From: Eric P	Read Replies (4) \| Respond to of 18137

Vadym: Although I'm not sure when the SOES system opens to accept orders (8 AM or 9AM?), I do know that it will accept orders well before the market opens at 9:30 AM. The key to OZ's strategy is that you must place a SOES market order. SOES limit orders will not be accepted by the SOES system until the market opens at 9:30. Most people may not feel comfortable placing a SOES market order well before the market opens, not knowing the impending opening price. Recognize however, that another critical part of this strategy is that you must be watching the stock immediately before the stock opens at 9:30 AM. Your SOES market order is not placed with the intention of definitely exiting your position at the open. Instead, with this technique, the SOES market order is placed with the intention of maintaining the option of being #1 in the SOES queue to get the first market maker execution at the open if you still want the first fill as the market begins to open. If you see the stock poised to open at a bad price and no longer want to exit your position at this level, simply cancel your SOES market order at 9:29 AM with no damage done. Anyway, it can be a good technique and I applaud OZ for another great post. -Eric