Go to Jeff Salisbury LWGate Home Page.From: "Mike Lucero" <m.lucero@verizon.net>
Subject: Re: [CANSLIM] OFF TOPIC, stop order question
Date: Sat, 22 Mar 2003 16:41:44 -0800
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I have had similar problems setting stop orders at night using Schwab. I believe the cause is the Bid and Ask moving around in after-hours trading. If I call Schwab, the brokers are able to place a stop order inside of these big ranges, and they will give me the Internet price since their software won't let me do it myself. Mike - ----- Original Message ----- From: "Mo" <mosspp@yahoo.com> To: <canslim@lists.xmission.com> Sent: Thursday, March 20, 2003 2:22 PM Subject: [CANSLIM] OFF TOPIC, stop order question > I have had several stop orders rejected by E*Trade > recently and would like to know if other brokers have > the same restrictions. E*Trade requires the stop > price to be: > > at least Ask + $0.10 for a buy order > at most Bid - $0.10 for a sell order > > Further aggravating the situation, my rejected orders > were placed after the market had closed when > (according to E*Trade) the Bid and/or Ask prices are > essentially undefined. Has anyone had a similar > experience with other brokers? > > > My correspondence with E*Trade follows: > > I tried to place a stop order on 3/19/03 at approx. > 1:00 am EDT, clearly after the market had closed. The > order I wanted to place was: > > Buy 500 PWI, STOP @ $16.98 > > The order was rejected so I tried a market order for > the same security. The confirmation page for the > order (which I canceled) showed the following for PWI: > > Price: $16.80 > Bid: $13.12 > Ask: $33.76 > > I assume that my stop order was rejected because it > was not outside of the bid/ask price range. Where did > these prices for the bid/ask come from??!! The ask > price is 70% higher than the 52-week high for PWI! > > I experienced a similar problem the day before on an > order for DAKT. The price spread was not as > unbelievable as the one for PWI but my order was still > rejected. > > E*Trade's response: > > The skewed Bid/Ask that you see when the market is > closed is simply information that the market maker > reports once the market is closed. It is not > indicative of any actual Bid or Ask for that very > reason. As such, it means that most stop orders have > to be placed when the market is open as the orders > need to be at least $0.10 above the Ask for a buy > order and $0.10 below the Bid for a sell order. > > __________________________________________________ > Do you Yahoo!? > Yahoo! Platinum - Watch CBS' NCAA March Madness, live on your desktop! > http://platinum.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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