NYSE Limit orders

M

ManhattanTrader

ok,

let's say I have 2000 GE and I want out fast. market conditions are normal, though.

scenario 1

GE is 25 X 25.10. I put in a limit sell for 2000 GE at 24.70. there is enough size at 25 and 24.95 to fill the order. at what prices will my order get filled? 25-24.95 or 24.70?

scenario 2

GE is 24.60 X 25. I put in a limit sell for 2000 GE at 24.70. subsequently buy limits at 24.90 for a total of 2000 shares come in. again, at what price will my sell limit be filled?

thanks for your help
 
Quote from ManhattanTrader:

ok,

let's say I have 2000 GE and I want out fast. market conditions are normal, though.

scenario 1

GE is 25 X 25.10. I put in a limit sell for 2000 GE at 24.70. there is enough size at 25 and 24.95 to fill the order. at what prices will my order get filled? 25-24.95 or 24.70?

scenario 2

GE is 24.60 X 25. I put in a limit sell for 2000 GE at 24.70. subsequently buy limits at 24.90 for a total of 2000 shares come in. again, at what price will my sell limit be filled?

thanks for your help
More...

At 1st scenario both your order will probably get executed at 25. Since you said it's a normal market, a round number like 25 will have enough buyers for your small 2000 share order.

Your 2nd scenario is not a normal market for GE. So your sell limit at 24.7 could get executed anywhere between the spread (or 24.6 will be printed and your order won't be executed ), and the subsequent coming into the market of another 2000 shares to buy wouldn't mean crap for a stock like GE.
 
Quote from ManhattanTrader:

scenario 1

GE is 25 X 25.10. I put in a limit sell for 2000 GE at 24.70. there is enough size at 25 and 24.95 to fill the order. at what prices will my order get filled? 25-24.95 or 24.70?
More...
I'm not familiar with the GE specialist,
but I'm going to guess 25-24.95;
24.70 seems unlikely here.

can't answer scenario 2

:cool:
 
Quote from ManhattanTrader:

thanks.

has anybody ever used ARCA when trying to get out of a listed stock fast. any experience with it?

tnx
More...

I use a lot of arca, isld and inca for listed stocks. It's a pretty good way to get a fill on some of more active ones. I use Redi+ and sometimes get arca quotes that are not there, but most of the time arca works fine. On some trading platforms you can even use arca to hit NASD, BSE and other local exchanges.
 
thanks ari.

I am working on an application and trying to code it in such a way as to minimize 'human' intervention, with regard to exits.

have you ever used NOW orders? it looks like they are some kind of IOC but valid for several market participants... where can I get a list of those mkt participants?

tnx
 
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