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To: IMPRISTlNE who wrote (10647)7/16/1998 7:14:00 PM
From: Robert Duncan  Respond to of 164684
 
Update on my Etrade problem:

Thanks to all who responded to my post about Etrade. Last night I put a limit order to sell the 110 puts at 4. I checked today at lunch and it went through at 10:14 according to Etrade. Tonight I looked and that was the high for the day!!! Obviously I totally lucked out and considering that the option is now at around 1 thank God I used a limit order. Even if I had been able to trade actively today I do not think I would have been able to get the fill at 4. Anyway, I am still waiting to here from Etrade about a price correction on the option buy (it was filled at 3.5, but when I clicked to buy it the option was trading at 3) Last night when I talked to a lady about it from Etrade she seemed to imply that although the trade executed 1 1/2 hours late, and although it appeared that I got the price that the option was trading at 1 1/2 hours late, that I was basically asking for it by placing a market order. She made it sound like if you place a market order, technically you could get a 1 - 2 hour delay and "happen" to get a fill at the price that was the high for that time period and that you could not complain because when you say "market" you basically say "I will buy at any price".

Anyway, I have learned to never use a market order again! I got killed on TDFX today (it lost almost 4 points after good earnings!!) so I am thankful I got out of this put with some profit to offset the TDFX loss.

Thanks again to all for the help. Ill let you know if Etrade comes clean about the price soon.