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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: wallyam who wrote (3884)	11/30/1998 6:53:00 PM
From: TraderAlan	Respond to of 4969

Wally, I understand NASDAQ in general was a godless hellhole today. Alan

To: wallyam who wrote (3884)	12/1/1998 2:08:00 AM
From: Craig Richards	Read Replies (1) \| Respond to of 4969

wally, I placed 2 market orders to sell BAMM today through Yamner, and both times they were filled while I was on the phone, I was probably on hold about a minute each time. The first was right at market open, which is usually one of the most hectic times to trade. Also, these orders were short sales, so an uptick was needed to make the sale. You need a new broker. Craig

To: wallyam who wrote (3884)	12/1/1998 9:18:00 AM
From: steve goldman	Respond to of 4969

On the nasdaq, there is no perse time in which orders must be executed. Its a negotiated market. I usually am in touch with various market makers each morning (more so lately than a few months ago) about how busy they will be at the open, what their books look like, which gives me an idea of where I need to go to get a trade done. I read stories of orders being executed 5, 6 points from the bid/ask when the parties went in...stops that got executed 15 points below their stop price. Now, if you were a buyer, then a slow boat might have been helpful, though nothing to be proud of in execution quality, but the net effect would have been more positive. We have about 22 execution systems (two new ones I just added this past week) which give us a tremendous number of options and avenues depending on where we think the market is best. We had fast and accurate fills yesterday. Infact, the biggest delay in giving clients reports was confirming prices on ACT. ACT was wicked delayed...bigtime..sooes, snet (forget it). How would delays for us occur? client x wants to short 3000 ABCD...i do it on two or three systems, perhaps an ECN, perhaps an autoex system with TSCO or MASH, whatever, and the price just doesnt look perfect...afterall, with stocks like BAMM and BVSN changing points in 20 seconds, you have to double check, so i usually like to take the 20 seconds and verify the price reported to act to make sure i am reading it right. Fast is always better. Ask the shorts yesterday. They got great fills with yesterdays gaps. The longs, well, unfortunately, there a slow boat or no boat at all would have been better. Unfortunately, we dont build on a slow boat. Had the stocks gone higher, those immediate fills on the buy side would have been gorgeous as well. Regards, Steve@yamner.com