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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Jay Lyons who wrote (5067)	8/23/1998 12:51:00 PM
From: Jon Tara	Respond to of 12617

That $17 trade in Yahoo was certainly broken later. A trade outside of the market is not valid. However, you certainly need to be careful in your data entry. It's going to be a hassle for whoever did that, because any subsequent trade made with the proceeds will likely be broken, and they would then have the stock put back into their account, and might wind-up selling later a a less favorible price. And, of course, you can make smaller data screw-ups which will give you an unfavorable but marketable order, and there's nothing you can do about those except to vow not to make them again! (My favorite: remember to hit "buy" when you mean "buy" and "sell" when you mean "sell"! :)

To: Jay Lyons who wrote (5067)	8/23/1998 1:26:00 PM
From: Eric P	Respond to of 12617

You were wise to avoid buying those 1000 shares of YHOO that were priced at 17. As Jon mentioned, the trade would certainly have been later cancelled causing you a lot of hassle and difficulty. For those who may not be familiar, trades can be cancelled if they were due to a "clearly erroneous" quote. The term "clearly erroneous" is a subjective term and must be interpreted based on market conditions. For example, if the market in YHOO is going wildly higher, a bid order that comes in 1/2 point above the inside ask would not be considered "clearly erroneous". However, in a stagnent market, a order substantially crossing the inside bid or ask would definitely be considered "clearly erroneous". Good luck, -Eric