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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: facai who wrote (7678)	4/2/1998 11:15:00 AM
From: CynicalTruth	Respond to of 16892

The longer you trade with Datek, the more "funny" things you'll see... You just have to live with it.... (it was probably YOUR computer anyway <g>). John

To: facai who wrote (7678)	4/2/1998 11:19:00 AM
From: Jason Rooks	Read Replies (1) \| Respond to of 16892

Scenario: I own shares of a stock I like for the long term. I have been buying shares over time as the company expands at different prices. Now, this stock has some swings based on its industry movements as well as new developments. I'd like to do some short term trading as news comes out, but I would not sell my core holdings, but just buy some more and then sell those new shares. My hesitancy is the First In, First Out policy of the IRS that would tax my capital gains based on the first shares which have the lowest cost basis. Thus, any day trading profits would be eaten up with the capital gains. Question, how do I notify my broker which shares I am selling? Will I have to call Datek to sell the recently bought shares, or does it have to be in writing? Do I have to notify Datek prior to the sell order??? Any thoughts or advise would be appreciated. Thanks in advanced.

To: facai who wrote (7678)	4/2/1998 11:39:00 AM
From: The Vet	Read Replies (2) \| Respond to of 16892

facia, I have been trying to get an explanation on this thread for some time about the handling of marketable orders. I have seen similar things happen where NASDAQ orders seem to be held for quite long periods before they appear on Island and are available to the wider market. This morning I placed a sell order (using your system of the fractional part only) before the open to sell at 5/8. That order was placed at 9:25 am but only appeared on Island at 9:32:25. There were several thousand shares traded at 23/32 and 5/8 during that time but by the time it went on to Island the price had dropped to 19/32. A second order for 11/16 placed at 9:30:34 was displayed on Island immediately so there was nothing wrong with either Datek's, Island's or my computer. I think somebody got my order and sat on it just to see how the market opened. As the price dropped on the open they simply put it back on Island but I suspect if the price would have went up then they would have bought them from me at 5/8.. Come on Peter.. You have ignored this question long enough!

To: facai who wrote (7678)	4/2/1998 12:54:00 PM
From: Michael Abramson	Read Replies (2) \| Respond to of 16892

Placing limit order above ask on falling stock you expose yourself for MM play. For example if only one MM on ask side he can easily lift ask to your limit and legitimately strip your 1/16, you even wouldn't have a chance to see change in ask. Trades for 1/4 could be conducted some time earlier or later in any event your are not entitled for wholesale price. But if your are able to prove that trade was out of spread you have right for compensation. Most likely this event has nothing to do with Datek. Michael.

To: facai who wrote (7678)	4/2/1998 5:20:00 PM
From: Mama Bear	Respond to of 16892

My experience this morning was wierd. I put in an order to sell OXHP at 16 7/8, which was the bid. the order just sat there, not executing, as the price rose. I finally cancelled the order when the bid was 17 3/16. Why would a marketable order like that not execute for minutes? I ended up getting 17 1/16 for it, but I wanted to buy RESP in the 17s, and due to lack of buying power was unable to execute. On the other hand, Datek let me short PNDA today, so that was pleasing. Barb