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

To: steve goldman who wrote (4050)	1/4/1999 4:26:00 PM
From: pezz	Read Replies (1) \| Respond to of 4969

Steve thanks much for taking the time from your busy day for the reply. I will forward your advice. pez

To: steve goldman who wrote (4050)	1/5/1999 1:31:00 PM
From: Char	Read Replies (2) \| Respond to of 4969

Steve I would like to run an experience by you and find out if I was fed a line of bull. Last Thursday (Dec 31) around 11:30 AM, I placed a day order online through Waterhouse Webbroker to buy 5000 shares of a small BB stock at a $.40 limit. Watching time & sales, I saw an order for 5000 shares filled at 11:45 AM for $.39. That was the first order of the day. After checking the order status in the web site several times and not getting a confirmation, I called to check on the order. I was told that I had not been filled and the order that was filled was someone else's. I then placed another order for the same limit price for 2000 shares and received confirmation online 10 minutes later. I waited another hour and still did not have confirmation on the first order so I called again. At that time I was told that even though the ask showed $.39 on Yahoo that the actual ask was 7/16 and I would have to raise my limit price. I went ahead and raised it to 7/16 and still did not get confirmation. I called twice more, once while the market was still open and once after it closed and was both told my order hadn't filled. When I checked Webbroker that night for order status, it showed that my day order had expired unfilled. Monday morning I checked Webbroker again and it still did not show any confirmation of the order being filled last Thursday so I placed another day order for 5000 shares at a 7/16 limit and received confirmation 10 minutes later. About an hour after that I received a phone call from Waterhouse saying they just received a phone call from a market maker saying my 5000 share order from last Thursday was filled Thursday at $.39. When I questioned Waterhouse about this I was told that market makers have up to three day to come back and tell you if an order has been filled. I have never heard this before and really question the legalities of this. I bet if the stock open up higher Monday morning that I would have never received a call saying I was filled. I didn't have sufficient cash in the account to cover both 5000 shares orders so I was forced to sell some other stocks to free up enough funds to cover both orders. I realize that if I screamed and hollered, I probably could have had one of the orders rescinded but they didn't offer, In fact I was told I should just go ahead and sell one of the orders, of coarse loosing the spread and commission. I didn't scream because I like the stock and decided to keep all the shares. Incidentally, I just checked my order status and it still doesn't show the 5000 share purchase last Thursday. I realize this sounds like a lot of rambling but my only question really is do market makers have three days to tell you if an order has been filled. It sounds like a license to steal. Char