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

To: Prof who wrote (9376)	8/5/1998 3:17:00 PM
From: doniam	Respond to of 16892

Just a complement to Datek. Very happy with the promptness in sending funds out last time, and it is nice to see money added reflected during the day in the account. Filled today in two seconds. Order was limit to buy at current ask. dwf

To: Prof who wrote (9376)	8/5/1998 4:23:00 PM
From: RealMuLan	Respond to of 16892

One golden rule: as a small investor, never use Market order with these on-line brokers. Most likely, you will be filled at a day high price if you buy, or a day-low price if you short. I got burned with E-trade once, so will never use market order again for the rest of my life.

To: Prof who wrote (9376)	8/5/1998 5:45:00 PM
From: Esteban	Read Replies (1) \| Respond to of 16892

You need a real time quote streaming quote service to determine uptick on NYSE. myTrack color codes the bid/ask so you know it's on an uptick if it is green. mytrack.com Unfortunately, the Datek quotes only show uptick for Nasdaq. A way to fake it is to place limit orders at the bid. If you don't get filled and the price drops, you know it's on the downtick. Then you can decide if you want to chase it or not. Esteban

To: Prof who wrote (9376)	8/5/1998 10:30:00 PM
From: MRO0054	Read Replies (1) \| Respond to of 16892

Note that the NASDAQ also has an uptick rule, although it is somewhat different than the NYSE's. For NASDAQ listed stocks, you can short at the bid on an uptick. You can still short on a downtick, but the trade must be made above the posted bid. So, for example, if "SCAM" is trading at bid 6 1/4 - ask 6 1/2 on a downtick, you can short at any price above 6 1/4 (assuming you can find a buyer). Also, I will point out that index tracking securities (SPY, MDY, DIA come to mind) are not subject to a downtick rule.