A limit order at the beginning

Quote from topmo:

look, all I know is that my spouse had a limit order to sell shares of stock at 101. It opened at 102, the brokerage co. said too bad, they didn't fill at 102 becuase they had too many other orders waiting in line to be filled, so we got the price at 101, not 102, tuff luck!
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We at least need to know whether it was a NYSE or NASDAQ stock. In NASDAQ, that can definitely be the case.
 
Quote from rayl:

We at least need to know whether it was a NYSE or NASDAQ stock. In NASDAQ, that can definitely be the case.
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The example of $101 vs. $102 would not happen on the NYSE opening, if the order was on the NYSE (not an ECN). If the stock opened right at his limit price, then it "could" happen because of the number of shares at that price being offered. Nasdaq would only apply if the order was marked nsdq according my people.

Don
 
Quote from topmo:

The stock was listed on the NYSE, the brokerage firm was Etrade.
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If the facts are as presented, you have a legitimate complaint to take to arbitration, IMO.

Don
 
Possibly..........but is it worth the time and trouble? It was only a few hundred shares........Etrade has been notorious (IMO) for not giving us a break on any fills. They stated, OK, the stock opened at 102, but within a few seconds the price moved all over the board between 101 and 102, 103 and there were too many other orders in line to be filled, so some people did not get the price of 102 and they probably figured we don't have to give them the price of 102, because their limit price was 101. Blah, blah, blah.............personnally, I have closed my own accounts with that company.
 
Quote from topmo:

Possibly..........but is it worth the time and trouble? It was only a few hundred shares........Etrade has been notorious (IMO) for not giving us a break on any fills. They stated, OK, the stock opened at 102, but within a few seconds the price moved all over the board between 101 and 102, 103 and there were too many other orders in line to be filled, so some people did not get the price of 102 and they probably figured we don't have to give them the price of 102, because their limit price was 101. Blah, blah, blah.............personnally, I have closed my own accounts with that company.
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FWIW: "If he enters it on the opening in NY and the stock opens in NY at that price yes. OTC gets fragmented with more than one opening sometimes.
DonBright (5:43:29 AM): NYSE, would be entitled to $102.
xxxNYSE: (5:45:26 AM): yes if he entered the order in NY."

Up to you, but there is the verification from my "people."

Don
 
Don't know if it makes a difference, but the limit order was entered the night before..........thanks for your input, Don, I really don't know if ETrade will give anything back and to go to arbitration over a few hundred dollars.........I don't know.......will think about it.........do you recommend going back to ETrade and asking for a full explanation? What if they come back and say there were too many orders in line to fill at the 102 price, so some get filled at 101, since the stock price jumped around there and back and forth for the next few minutes.........BTW, the stock ran up that day within the first 20 minutes to 107.
And, besides, what backup would we have in arbitration? It's something we really have not considered. I'd rather just move on........
 
Quote from ProgrammerGuy:

if you place a buy limit order at $51 before the stock market opens, and the first tick is $50.50, are you guaranteed to get it at $50.50?
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If you have to ask that, you should not be trading!


__________________
Please, I'm not a daytrader, I'm an "Intraday Liquidity Provider" :p

IF YOU HAVE TO ASK THAT, YOU SHOULD NOT BE TRADING OPTIONS!!
 
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