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Technology Stocks : SkyMall (SKYM) -- Ignore unavailable to you. Want to Upgrade?

To: Craig Rogers who wrote (146)	12/26/1998 7:40:00 PM
From: TraderGreg	Respond to of 987

I have long heard that market orders to buy are filled before limit orders, but, are they filled before limit orders placed with limit prices higher than the market? I ask this because, at the open, I placed a limit order to buy at 7, when the ask was still 6 7/8, and it filled at 7. While I can't prove it, I highly doubt a market order placed at the same time would have filled that low. My theory goes like this: If they feel the stock will run, they hold market orders just a tad but they will fill limits first, if the limit price is high enough. I realize this goes contrary to conventional wisdom, but it does seem to have worked for me in the past...as long as I was willing to place the order above the market ask for buys and below the bid for sells. Of course, it can also cost you if the mo turns around instantly. TG