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To: Ed Forrest who wrote (10541)	12/5/1998 2:56:00 PM
From: gbh	Read Replies (1) \| Respond to of 16892

Ed, it could fill anywhere from 10 to 10 1/4, or maybe even not fill at all, if the stock is rising fast enough.

To: Ed Forrest who wrote (10541)	12/5/1998 2:57:00 PM
From: Esteban	Respond to of 16892

If a stock is say at 10.00 and rising and I enter a limit order to buy at 10 1/4,will it fill at 10.00 or wait until it gets to 10 1/4? You fill at 10 if there are enough shares to cover your order. If not, you fill at 10 for the shares offered there, then more at higher prices up to 10 1/4, depending on the prices and shares offered outside of the inside ask of 10.

To: Ed Forrest who wrote (10541)	12/5/1998 3:05:00 PM
From: RockyBalboa	Respond to of 16892

If a stock is say at 10.00 and rising and I enter a limit order to buy at 10 1/4,will it fill at 10.00 or wait until it gets to 10 1/4? In the "slow trading" mode from 9.30 to 10.00 am: If it tends to go down after order entry, the fill may be at 10, not cheaper. But if it gets up, you might have got the pieces at then but the fill reads 10.25 then. This is my take on the slow trading mode (which is a sort of free lookback options period). I rarely overbid an ask and still I get no fill when it turns out that the stock exceeded the limit by far later on. I tried it recently 2 or three times on the fast running stocks and I can't believe that with a millions turnover under my bid there are no shares to fill. C.

To: Ed Forrest who wrote (10541)	12/5/1998 5:21:00 PM
From: Jon Tara	Respond to of 16892

Ed, if a stock is at 10 (bid or ask?) and you enter a limit order at 10 1/4, it is immediately elegible for execution any time that it is marketable (e.g. bid OR ask <= 10 1/4). You aren't guaranteed an execution, of course, but there is nothing that "holds" the order until 10 1/4. I think you are thinking of a stop limit order. A stop limit is "triggered" at a higher price, and then becomes a market order. You'd use a stop limit order, for example, to try to catch a "break out" without babysitting the stock. You want to buy, but only if the stock goes up to a certain price first.