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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Vicrobi who wrote (4042)	1/12/1999 3:02:00 PM
From: Trader J	Respond to of 56535

Vicki - I have heard bad things about them and my friend just recently joined them as well. He does not like them. They do have a nice free streaming quotes service though. TJ

To: Vicrobi who wrote (4042)	1/12/1999 3:04:00 PM
From: Dean	Respond to of 56535

I've been burned by them once... will tell after the close. I still have my account though, no money in it but I still use the streaming quotes. Dean

To: Vicrobi who wrote (4042)	1/12/1999 4:11:00 PM
From: Dean	Respond to of 56535

Vicki: On with the story. I have an account with Datek. I once placed an order to sell a security at 2 1/4 when the bid was at 2 3/16 (this was a NYSE security). When I checked back at the end of the next day, I saw that the high for the day was 2 3/8 but my order didn't go through. From my understanding, the NYSE is an "auction" floor, with no middle-man. Thus, share owners are buying/selling to other share owners. With this in mind, my order should have gone through since the buyer would have gotten a better price. I complained to Datek and they kept giving me some BS answers. I even filed a complaint with the SEC but have never heard from them. I ended up selling my shares for under $2. Is my understanding of the NYSE correct? Anyone? (The security name and the actual price has been omited/changed to protect the innocent...not to mention, I don't remember the actual prices) Dean