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To: BrianL who wrote (4508)	6/24/1998 9:47:00 PM
From: Eric P	Respond to of 12617

Brian: I may be able to shed some light on your question. You asked how your stock could have been sold on a sell limit order at 54 1/4, even though the stock opened at 54 5/8 and would have expected to been sold at that opening price. The reason for this, I believe, is that the stock in question must have been a Nasdaq stock. For NYSE and AMEX stocks, you are entitled to an execution at the posted opening price, period. If your stock was from NYSE or AMEX, you can and should demand to get that price. However, I suspect you were trading a Nasdaq stock and though the open was posted at 54 5/8, the "opening range" was likely 54 1/4 to 54 5/8. ==> In other words, the bid/ask was 1/4 by 5/8. Since you were selling, you were filled at the bid.

To: BrianL who wrote (4508)	6/25/1998 6:59:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 12617

What stock was it? Was it NASDAQ? If it was Nasdaq, forget even looking at the O-Open, its totally meaningly, that could any of the many mm's putting up a print from preopen late or within their 90second rule. The Real question you need to look into is 'What was the opening Bid/Ask ?". You might want to check your new account forms. The firm with a sell limit, without discretion and not being 'not held', has to display your offer. I dont think they can do so PREOPEN without such a clause and I think most wait for the open, that would mean you'd get the opening bid. It could have been 1/4 to 7/8 spread at the open but without stock's name, I can't tell you more. Simply ask the broker; 1)what was the bid ask at 9:30? 2) did you trade it preopen? 3) did you make amarket in the stock? Regards, Steve@yamner.com