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


To: Mama Bear who wrote (9724)9/17/1998 6:54:00 PM
From: Esteban  Read Replies (1) | Respond to of 16892
 
Perhaps the short sales being kicked out of the system automatically applies to short sale market orders. Maybe the Datek software boots these from the system on the theory that a market order sells on the bid and the bid is now a downtick. It could be the way Island assures there are no short sales on the bid on a downtick.

As for your limit short sale order receiving the same treatment, if 23 1/2 was a down tick, it would be rejected upon upon entry rather than adjust 6 seconds later when it was suddenly 1/16 above the bid. If 23 1/2 was an up tick, who knows? It's not a common occurrence for me. I agree that just reentering the order is the aggravation free way to handle it. And since there is no time priority on the Nasdaq and short sales receive low priority anyway, nothing is lost.