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Technology Stocks : EMC How high can it go? -- Ignore unavailable to you. Want to Upgrade?

To: J. Everett who wrote (3176)	10/19/1998 10:21:00 PM
From: SJS	Read Replies (1) \| Respond to of 17183

On the Close orders are market orders that are executed as close to the closing price as possible. Typically, you place On the Close orders if you think that the closing price of an equity may be advantageous to you when you purchase or sell. You must place On the Close orders before 3:40 p.m. Eastern Time. However, using On the Close cannot guarantee that you will receive the closing price. Over the Counter securities are not eligible for On the Close orders. There is a corollary trading option called Opening Only. These orders are market orders that execute as close as possible to the market's opening price. "Opening Only" refers to the market price of the first transaction of stock being bought or sold and not the opening of the exchange itself. You typically place an Opening Only order if you think that a stock may move in an anticipated direction immediately after the opening and you want to execute a trade at the opening price. For Opening Only orders to be considered by the trading desk, you must place them before 9:15 a.m. Eastern Time. However, there is no guarantee of an execution. If the order is executed, you receive the opening price. If the order is not executed at the opening price, it is canceled. Over the Counter and NASDAQ stocks are not eligible for Opening Only orders. These are special order types and you can get whipsawed with them. Be careful using them.