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

To: JamesT. who wrote (10240)	2/27/1999 7:06:00 AM
From: Tony B	Respond to of 56532

JT - ITGR (gettting out fast) The only absolute way to get out fast is with a market order, however most of us usually try to avoid that. When I've played the gaps and want to sell at the open as quickly as possible, I usually just put in a limit order a little below the last bid. Definitely place the limit somewhere that you're comfortable. I've had issues that immediately dropped below my limit (ASCT), but within a few minutes come back up to get my shares. Everything's a little different. As for ITGR, if it were me, I would go ahead and put a limit to sell at 4 7/16 (maybe 4 3/8). It gapped down friday, and nothing stopped the downtrend, so my guess would be that it will repeat that monday. I'd feel comfortable with this, but I watch my stuff at work, so I could cancel it if it looked worse. You might want to set it lower or gamble and go a little higher. More than likely, though, you'll be okay. All the limit orders (usually on the bid or 1/16 below it) I've placed were picked up within the first 10 minutes. Just do what you think is best. (If you screw up, chalk up another lesson :) MHO, of course. Some of our more seasoned traders might be able to offer better guidance. They have already been MM stew before (hence the seasoning)... Your younger brother sounds like a cool guy. Good luck! Let us know how it works out... llater, Tony B