An unbelievable story about the NASDAQ today:

[risktaker]

I don't understand something.

This stock doesn't even have a single trade on some days.

Why mess with it and *definitely* why not limit orders?

 

[Bitstream]

Quote from risktaker:

I don't understand something.

This stock doesn't even have a single trade on some days.

Why mess with it and *definitely* why not limit orders?

I think he made a mistake: he wanted to try to sell at the ask with lmt, but bought instead.

 

[sigsegvboogman]

Yes, Bitstream is correct. I made an error.

 

[risktaker]

Sounds like TWO mistakes then?

You bought and instead, wanted to sell.

You bought at market when it should have been a limit order, right?

That's 2 mistakes.

Kinda looks like you were playing pseudo MM and they don't like it and maybe want to teach you a lesson?

Quote from sigsegvboogman:

Yes, Bitstream is correct. I made an error.

 

[Htrader]

Unfortunately I think we will see more of these instances once all the exchange mergers conclude in 2006. All the independent ECNs will be gone, and we'll be left with just two choices: nasdaq and nyse, both for-profit companies.

Did I mention that they are both self governing?

 

[Hofferino]

Quote from risktaker:

Sounds like TWO mistakes then?

You bought and instead, wanted to sell.

You bought at market when it should have been a limit order, right?

That's 2 mistakes.

Kinda looks like you were playing pseudo MM and they don't like it and maybe want to teach you a lesson?

If I understand, there was only 1 mistake: It was a LIMIT order, just a buy instead of a sell. That's why he was immeiately filled.

Now here's the question: Why were you entering a limit order to sell way up there? Seems to me you were trying to burn the next guy just the same way you were burned!

 

[Bitstream]

hmmm.....

true enough

 

[risktaker]

In his 1st statement he says he originally wanted to place a sell order as a limit.

So, it appears he failed at it twice since he turned it into a buy order with no limit.

Quote from Hofferino:

If I understand, there was only 1 mistake: It was a LIMIT order, just a buy instead of a sell. That's why he was immeiately filled.

Now here's the question: Why were you entering a limit order to sell way up there? Seems to me you were trying to burn the next guy just the same way you were burned!

 

[Bitstream]

no, it was a lmt at ask price.

Still, if he got filled someone else would have experienced the 25k loss he avoided.

 

[sigsegvboogman]

No, it wasn't a market order. It was a limit order I wanted to place.