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

To: LEVEL7 who wrote (9719)	9/17/1998 8:36:00 AM
From: CatLady	Respond to of 16892

A few of us have reported "timed out" short-sale orders on Datek. I've seen them myself 3 or 4 times. They seem to occur on limit orders at the bid when the bid later downticks, even though there's no valid reason I'm aware of for the order to be kicked back. I've simply replaced the orders when that happens, rather than frustrate myself trying to get a logical answer from Datek. Interesting web site - nasdaqtrader.com NASDAQ Trading rules - nasdaqtrader.com Edit: S&P futures down 27 as I type, cme.com

To: LEVEL7 who wrote (9719)	9/17/1998 10:15:00 AM
From: Mama Bear	Read Replies (1) \| Respond to of 16892

LEVEL7, I have had 2 orders 'timed out' on Datek. Both were short sales. One was a market order, and the other a limit. The explanation I received from the phone monkey on the second was that the stock had downticked after I entered my order. I have also had 2 short trades 'killed' because of a downtick. One was a limit at 23 1/2. The inside bid downticked to 23 7/16 6 seconds after my order was entered. It is my understanding that a short sale is legal on Nasdaq as long as it is at least 1/16 above the inside ask. But, good luck getting Datek to respond or explain. They play by their own reality. If the benefits did not outweigh the negatives I would be gone. Datek should be on notice that their glitches do keep me from moving all of my brokerage business to them. I have long since given up hope that 'Datek reality' will change. Barb