Go to Jeff Salisbury LWGate Home Page.From: " Bob Hodes" <rchodes@charter.net>
Subject: Re: [CANSLIM] Tales from the trading pits
Date: Fri, 5 Sep 2003 06:53:09 -0500
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Gene: You are too literal in your thinking or I'm too paranoid.
I guess I don't understand how market makers operate Am I supposed to =
believe that someone out there insisted on selling there stock for =
$36.001 and refused to sell for $36.00. I think not. Why fill an order =
at $36 and not $36.01. Just makes me think that someone had a slow day =
and wanted to have some fun.
I checked my account at lunch and noticed that the stock was sitting at =
$36.05 so I cancelled the limit order and just bought it at the market =
price. =20
Perhaps that's the lesson, avoid round numbers when setting limit =
orders.
----- Original Message -----=20
From: Gene Ricci=20
To: canslim@lists.xmission.com=20
Sent: Thursday, September 04, 2003 10:38 PM
Subject: Re: [CANSLIM] Tales from the trading pits
Bob, don't understand.... your order was for 36.00 .... how could they =
buy it for you at price in excess of your limit.... didn't they do =
exactly as your order specified? I'm not aware of orders that allow a =
+/- =20
Gene
From: Bob Hodes=20
To: canslim@lists.xmission.com=20
Sent: Thursday, September 04, 2003 8:00 PM
Subject: [CANSLIM] Tales from the trading pits
I am not able to trade during the work day so I usually use limit =
orders when I purchase a stock. I don't like to give out a an order to =
buy a stock at the market price before the opening bell. So today, I =
set a limit order to buy 150 shares of a stock (NASDAQ exchange) today =
at $36.00. Around 11AM, the stock price declined from an opening price =
of 36.93 to 36.001 and the buy order was never executed. =20
What do you make of my tale.
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<DIV><FONT face=3DArial size=3D2>Gene: You are too literal in your =
thinking or=20
I'm too paranoid.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I guess I don't understand how market =
makers=20
operate Am I supposed to believe that someone out there insisted =
on=20
selling there stock for $36.001 and refused to sell for $36.00. I =
think=20
not. Why fill an order at $36 and not $36.01. Just makes me =
think=20
that someone had a slow day and wanted to have some fun.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I checked my account at lunch and =
noticed that the=20
stock was sitting at $36.05 so I cancelled the limit order and just =
bought it at=20
the market price. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Perhaps that's the lesson, avoid round =
numbers when=20
setting limit orders.</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dgenr@swbell.net href=3D"mailto:genr@swbell.net">Gene =
Ricci</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, September 04, =
2003 10:38=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Tales =
from the=20
trading pits</DIV>
<DIV><BR></DIV>
<DIV>
<DIV><FONT face=3D"Comic Sans MS">Bob, don't understand.... your order =
was=20
for 36.00 .... how could they buy it for you at price in excess =
of your=20
limit.... didn't they do exactly as your order specified? I'm =
not aware=20
of orders that allow a +/- </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Gene</FONT></DIV></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Drchodes@charter.net =
href=3D"mailto:rchodes@charter.net">Bob=20
Hodes</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, September =
04, 2003=20
8:00 PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Tales =
from the=20
trading pits</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>I am not able to trade during the =
work day so=20
I usually use limit orders when I purchase a stock. I don't =
like to=20
give out a an order to buy a stock at the market price before the =
opening=20
bell. So today, I set a limit order to buy 150 shares of a =
stock=20
(NASDAQ exchange) today at $36.00. Around 11AM, the stock =
price=20
declined from an opening price of 36.93 to 36.001 and the buy =
order was=20
never executed. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>What do you make of my =
tale. =20
</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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