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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Mary A Young who wrote (4856)	9/29/1998 5:00:00 PM
From: TradeOfTheDay	Respond to of 44573

I may be wrong - but it seems that once they declare a fast market, it's anything goes - And you essentially take what you get. that's why , as Patrick said , you need to have someone in the pits... or a firm with a lot of clout, as you and Tom use. I don't think in a fast market E * is going to cut it. Do you ? Of course I'm in the same boat as your friend - and I don't think I can expect more until I get a decent options broker.

To: Mary A Young who wrote (4856)	9/29/1998 6:47:00 PM
From: Patrick Slevin	Respond to of 44573

I read Bev's remarks. The story is, as I have understood it in the past. All bets are off if the rules have changed but I doubt they have. If there is a bid for "whatever" and you hit the bid (vice versa, the ask) that bid is there for 10 contracts and so is good for 10 contracts and cannot be rescinded once you "hit" it. In 1994 some stock that started with a "M", Mirage, I think it was, was trading at 46 and the "40" calls were about a buck. I bought 10 40 calls and sold the stock short. 10 minutes later, I got 10 more 40s at a buck!!. The guy had to be out to lunch! So I sold another thousand short. The long and the short of it is the bid or offer is good for 10. If they did not give you a fill give them a lot of heat about it. Personally, I write down every order, who I spoke with, the time, et cetera. Try to recall all that. If there was a bid or offer at your price and the guy said the MM would not pick up the phone then complain, complain, complain. Believe me, if it were the other way around they would go for you, my friend. I know this from experience. EDIT BTW, your broker should have been going through RAES anyway, unless you were doing larger size. So 10 or less and no MM had to pick up a phone unless something has changed that I'm not aware of.