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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Cosmo Daisey who wrote (2874)	9/18/1998 1:33:00 PM
From: Peter V	Read Replies (1) \| Respond to of 4634

Cosmo, maybe I was unclear. XYZ is at 10 by 10 1/2. You place your short sale order at 10 1/4, 10 1/4 now becomes the ask, and that is your order. It won't get filled until someone bids 10 1/4 or the MM changes the bid to 10 1/4 for market orders. Yes, you have to sell at the bid, but your order to sell creates a new asking price when you split the bid/ask. Your order to sell one tic above the bid creates a new asking price, which will be filled if the MM moves the bid to that price, or another trader offers to buy at that price. If I've got this wrong, let me know, but I usually see my order in as the new asking price when I split the bid/ask. If the stock is very actively traded, it may go by so fast that you don't even see the change in the ask. I think Barb's post is a good explanation, your "offer" becomes the inside offer, or ask.