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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (2493)	2/1/1998 4:32:00 AM
From: Dale Baker	Respond to of 4969

A "print" is an actual trade, not just the bid or ask reaching your stop or stop limit level. I believe Steve is saying you need the insurance of seeing the stock actually trade at that level before your stop becomes a "live" order instead of just a contingency. For example, you own stock ABCD with a current price of 10. You have a stop-limit to sell at 9 1/2. Say the opening bid ask is 9 1/4 x 9 3/4. Then the bid-ask drops to 9 x 9 1/2. Will your stop limit order become an active offer to sell at 9 1/2 just because the Ask is now there? Or does ABCD have to trade at 9 1/2 at least once before your offer becomes a live order to sell at 9 1/2? I have to admit I'm not sure what ETrade's policy is on this. Whenever I had a stop-limit order tripped, the stock always "printed", i.e. traded at a price beyond my limit order during the day. I don't watch the tape closely enough to say. I did have one instance where a stop order (not a stop limit) to cover a short position was tripped when the stock never printed at my price. ETrade checked and said the bid went that high very briefly, so my stop order became a market order and I filled at a slightly lower price, to my advantage. Problem was, if I had held the position I could have covered at several points profit a few days later. Steve, please correct me if I am mistaken here.

To: Susan Saline who wrote (2493)	2/1/1998 9:08:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 4969

A print is an execution, a transaction (a buyer and a seller) at a certain price. If I SOES bot 1000 INTC at 80 1/4, you would instantly see a print at 80 1/4. If you looked at a times and sales report, you would see 1000 INTC 80 1/4. That is a print. We have talked before how it is possible to "jimmie" prints or to trade from one firm account to another account in the same firm, creating the print. Example, stock is 10 1/8 to 10 1/4...you have stop to sell at 10...lots of prints at 10 3/16, then 10 1/8.....they take out the whole bid the stock becomes bid 10, offered at 10 1/8...lots of prints at 10 1/16 BUT THE STOCK NEVER PRINTS AT 10... then the stock becomes bid 10 1/16 without ever printing at 10... My point is, if the you qualify your stop so that it must print at 10, the firm couldnt scoop up your shares at 10 because it never printed at 10...it was BID at 10, but only gathered and stregnthened from there. Regards Steve@yamner.com