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

To: steve goldman who wrote (2764)	3/24/1998 10:05:00 AM
From: Steven Bowen	Read Replies (1) \| Respond to of 4969

Steve, more on my note yesterday about my bids not being reflected in the current best consolidated NASDAQ quote (yes the stock was a NMS NASDAQ stock). After further playing this morning, it seems as if I check the all or nothing box on my order form (I'm trading 1000 shares), this order does not get reflected in the currrent best quote. I played with the same stock this morning and best quote stood at 41 1/2 by 42. I placed my order to buy 1000 at 41 9/16, checked the all or nothing box, and after about 15 minutes the quote still stood at 41 1/2 by 42 and trades kept happening at 41 1/2. So I changed my order to not be all or nothing and the quote update to 41 9/16 by 42 as it should. Problem is, I then get a fill for like 121 shares, and with hardly any volume they update the quote to 41 5/8 to shut me out. I think they do this on purpose. They know I can't flip 100 shares and make enough to even pay commissions. But does that sound right, that if I check the all or nothing box, they do not have to reflect my order? Is that the answer to my problem? I guess that could be one of their games to keep me from trying to scalp the bid/ask spread. You can't enter all or nothing trades, but if you don't they'll fill you for 100 and move the quote up. This is worse than no fill at all. Thanks for your help and answers, Steve