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

To: jlib who wrote (4211)	2/18/1999 6:48:00 PM
From: Dave Shares	Read Replies (1) \| Respond to of 4969

Jimmy, When you place a limit order, a good broker will put that order on the bid. While you are only entitled to a "guaranteed fill" if your limit is reached on the ask, you may be filled if your limit is hit on the bid (by a seller) and the market maker buys you those shares. I have had this happen many times (although not necessarily the low of the day). Even E Trade puts my buy orders (usually via NITE or HRZG) on the bid and my sell orders on the ask when they are limit orders. By the way, Steve, if you read this, I am really enjoying trading with Yamner. Great service, but you already know that. David

To: jlib who wrote (4211)	2/18/1999 8:31:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Manning rules force a market maker or whomever got your order (if schwab, it would be their subsidiary market maker MASH) to displayyour bid or offer within 30 seconds in normal market conditions...called manning rules (check nasdr.com) search for manning rules, you get the whole enchilada. Thus, you put ina buy order to buy at 4 1/4, after 30 seconds, if normal conditions, they MUST display your bid. if they didnt , it would a violation and if it then traded through, they would have to fill you. Yet careful, if fast conditions or not normal conditions, they dont ahve to display your bid and even in normal they et 30 seconds which can be difference between getting filled or not. You may be able to keep the shares as long as the clearing firm has inventory, and if the stock is still hypothecated for other reasons. It can still be loaned but have no loan value. I hope that answers the question, though I am not sure I entirely understood. It could be just be me...it was a long day.<G> -Steve@yamner.com

To: jlib who wrote (4211)	2/18/1999 9:05:00 PM
From: AlienTech	Read Replies (1) \| Respond to of 4969

>>So, basically I bought at the bid. Is that correct? If for a brief moment the ask came down to take me out shouldn't the bid then be a fraction below 4 1/4? There is no problem with what happened, just curious about the technical details of how I was able to buy at the bid.<< Yes I have had schwab give me very good fills. Usually the buys are at a better price and the sells are at a better price as well. IE stocks with a 1/4 spread will give you a price in the middle in a lot of cases. Out of 100 trades I had this happen about over 50 times. With ETrade it happened once in a 100, I got a 1/16th better price. With Datek it never happens :>