The Opening Orders Thread

neospecialist · Mar 1, 2007

Quote from lescor:

Those were a scary first 15 minutes today. Got out with an ok profit, but I had to sweat for it. Was loaded to the gills in other accounts, so I was a little quick on the sell button with these.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1378995>

Quick Question- My system showed TXN opening at 30.55. Was this in error or were you able to short the opening at that price?

Moneyball · Mar 1, 2007

Quote from neospecialist:

Quick Question- My system showed TXN opening at 30.55. Was this in error or were you able to short the opening at that price?

TXN is a "Pilot A" stock, so there's no uptick rule. You can short anytime you'd like.

777 · Mar 1, 2007

"I have four market on close orders that were at the specialist's post a good two hours before the close and were never executed. They closed most stocks manually today and I was still getting executions an hour after the market was closed. Not sure what I'll wake up to, but I've been told that I SHOULD be out."
lescor

How did all this end up?

Don Bright · Mar 1, 2007

Quote from lescor:

Those were a scary first 15 minutes today. Got out with an ok profit, but I had to sweat for it. Was loaded to the gills in other accounts, so I was a little quick on the sell button with these.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1378995>

Good job, I "shoulda" held a few minutes, had a $2800 loss in the first few minutes, got back to only about $380 or so, bailed out.

How did you end up with "odd numbered" share amounts, probably some overnights I guess?? No biggee....

Don

eastside · Mar 1, 2007

Quote from lescor:

Those were a scary first 15 minutes today. Got out with an ok profit, but I had to sweat for it. Was loaded to the gills in other accounts, so I was a little quick on the sell button with these.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1378995>

Thank you for sharing this.......great job

wucah · Mar 1, 2007

Quote from Don Bright:

Good job, I "shoulda" held a few minutes, had a $2800 loss in the first few minutes, got back to only about $380 or so, bailed out.

How did you end up with "odd numbered" share amounts, probably some overnights I guess?? No biggee....

Don

Hi Don,

Do you think the new REG nsm will have effect on the way opening orders are done? If somone is waiting on arca pre market will the specialist have to include them in the opening price if his price is lower/higher? Or maybe the specialist will have to match the price as he is not allowed to pass thorught the quote?

Thanks

Shreddog · Mar 1, 2007

Quote from wucah:

Hi Don,

Do you think the new REG nsm will have effect on the way opening orders are done? If somone is waiting on arca pre market will the specialist have to include them in the opening price if his price is lower/higher? Or maybe the specialist will have to match the price as he is not allowed to pass thorught the quote?

Thanks

Opening and closing orders are exempt from the trade through rule.

lescor · Mar 1, 2007

Quote from 777:

"I have four market on close orders that were at the specialist's post a good two hours before the close and were never executed. They closed most stocks manually today and I was still getting executions an hour after the market was closed. Not sure what I'll wake up to, but I've been told that I SHOULD be out."
lescor

How did all this end up?

I got the moc's, just took a day to confirm. I'm guessing there was a lot of guys working late on Tuesday matching up closing trades.

lescor · Mar 1, 2007

Quote from Moneyball:

TXN is a "Pilot A" stock, so there's no uptick rule. You can short anytime you'd like.

Correct. TXN and PFE were both short positons that gapped down below the previous close. Those are usually dicey positions, luckily these ones worked right away.

lescor · Mar 1, 2007

Quote from Don Bright:

Good job, I "shoulda" held a few minutes, had a $2800 loss in the first few minutes, got back to only about $380 or so, bailed out.

How did you end up with "odd numbered" share amounts, probably some overnights I guess?? No biggee....

Don

They're not "odd numbered", they're "just right numbered". Whadya think, I'm doing the same share size for every positon like they taught it in 1999?