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

To: steve goldman who wrote (4390)	3/25/1999 5:33:00 PM
From: bazooka	Read Replies (2) \| Respond to of 4969

steve, yesterday (3-24) i put in a 1000 share mkt short order for AOl (on the dot system) when it was at 119 1/4 - (i was willing to give up a 1/2 because i knew it was going to fall). i watched for over 2 minutes and finally i got filled at 117 9/16. the stock immediately headed higher from this level (for a few minutes) and then later dropped. i saw plenty of volume on the ask (green) before this level (117 9/16) and the stock actually had rebounds at 119, 118 1/2, and 118 yet i never got my short off. upon complaining to the specialist i was told that i have NO priority at all because my order is a short sell. is this to mean that my time stamp means nothing. how could my fill have been so terrible. do i have any recourse. please look at the t/s on 3-24 for 9:42 am through 9:44 am (i dont have access to it) and give me your opinion. i really feel that the specialist knew where he was taking the market and therefore he screwed me good. i am sure yamner could have done much better on getting me a fill. thanks in advance. bazooka btw- i know this is alot to ask but i want to know if you think i have a case; and if so what should i do? they told me to leave it alone because i eventually made money on the trade; i feel i should be compensated because not only did i get a crappy fill but i was actually down 1k after i final got it off at the very bottom of the run.

To: steve goldman who wrote (4390)	3/26/1999 2:16:00 AM
From: J.S.	Read Replies (1) \| Respond to of 4969

Steve, Thanks for your response. All I am asking is a similar straightforward response from my broker as to what did actually happen. What you say is possible but it does not appear to be what actually happened in my case. I entered my order when the market was 7 5/8 x 7 3/4 and I believe that several minutes later when the market was 7 1/2 x 7 9/16 that my bid was displayed. I was looking at streaming island book in the process of changing my order and saw all the posted bids at 7 1/2 being taken out and even some trades at 7 7/16. The problem is that because of the response of my branch manager I have lost confidence that my broker is representing me honestly. From the conversation with him I came away feeling that he was saying that if I cancel an order regardless of when I do it that even if the order fills they may not give it me (they could close out the position themselves). This is especially problematic in that they give me late report (more than an hour sometimes) at which time they can dump the position on me if they don't want it or honor my cancel if they do. He keeps evading the issue and the time and sales information he reports is not accurate. Ir am usually trusting but I always come away from them like I am a fool.