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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: FatMatty who wrote (42929)	1/13/1999 5:46:00 PM
From: Kevin McKenzie	Read Replies (1) \| Respond to of 119973

your first market order shouldn't have taken that long! agreed. I may be over optimistic, but I'm looking for an adjustment of 10 to 12 points, based on when I placed the order and how the stock traded. At the extreme, I should get an adjustment of 5. When I placed the order the quote was around 77 bid by 78 ask. As I watched, it moved up through the low 80's within 10 minutes. At 9:50, I got a sell at 83 5/8 (in 2 minutes) At 9:58 I got a buy at 88 1/2 (in less than a minute) Finally, at 10:44 I got a fill on the initial buy at 92 1/2. To me, this is absurd on the face, since my buy order placed much later got a significantly lower price. I'm curious. You said some orders take longer to get to the floor... Does this mean that even though I place an order at 9:36, my broker can jack around with the order for an hour (for whatever reason and without contacting me) then finally get the order to the floor? What can cause a simple market order to be delayed so long?

To: FatMatty who wrote (42929)	1/13/1999 5:53:00 PM
From: Kevin McKenzie	Respond to of 119973

Another question for the thread: I have been advised by a couple people that I should "never place market orders". I personally disagree with that, particularly with fast moving stocks. Let's take this morning's mini-crash. I waited until the recovery began, then I decided to purchase DCLK. The stock was moving up quickly from 71 to 73 to 75, etc. If I had attempted to put a limit order, I would have missed the buy completely, because the stock was moving too fast. Even if I had set my limit a couple points above the current ask, I would probably have missed the buy. Granted, that in this case, I wouldn't have gotten the screwed up fill. But I am fairly confident that the time and tape will substantiate a fairly large adjustment to this order. My question is: How does the rest of the thread feel about market orders?