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

To: GrnArrow who wrote (4073)	1/14/1999 4:24:00 PM
From: steve goldman	Respond to of 4969

Re: Grn. arrow's questons: 1. )If the quote is 1/8 x 1/4, and I enter a short order at 3/16, and a minute later the quote drops to 1/16 x 3/16, does my short order get priority over the regular offers at 3/16? You actually go last in line, the worst priority for that brief moment. You beat any additional stock that comes in but you have essentially a limit order at 3/16, with all market orders and any 3/16 order which made it 3/16 taking precedence. 2.2)Is there a time limit for a specialist to display or execute an order which improves the inside quote? Yesterday a stock was 1/16 x 1/4, and not trading fast. I entered buy at 1/8. The ask was taken out and went to 3/8. For 2 1/2 minutes the bid stayed at 1/16 while prints went off at the ask, and then the bid jumped over mine (which was never displayed) to 3/16. Isn't 2 1/2 minutes an unusually long time? 2 1/2 is long. I am not sure if there is an exact number, but it is usually a few seconds at worst. On the third market, it might be your bid instantaneously. There were some serious problems with the superdot yesterday. I think it went down or something ugly and the NYSE just isnt saying anything. 3. 3)If it's after 9:30 and a stock has still not opened and you enter a market buy, are you still entitled to get the opening price? What about if you enter an order while a stock is being indicated? Tough call. You need to be on the books before it opens. The specialist might lock out trades if he or she has matched the piece and is about to open it. In a tight environment, i might route to the third market which will match the NYSE and take about 1 second to get in on. They usually give about 3 minutes from last indication before they print the stock. I would check the NYSE and search for opening, delays, imbalances. Regards, Steve@yamner.com