In article <1992Nov18.234828.6117@cbnews.cb.att.com>, ask@cbnews.cb.att.com (Arthur S. Kamlet) writes:
|>
|> Well, you cannot put in a buy order at 15 when the stock is below 15
|> because your broker will be obligated to buy at the best price at or
|> below 15.
|>
|> However, what you suggest is an order to buy at the first tick
|> (perhaps the first uptick) after it hits the 15 mark. I don't
|> know, is there such an order?
Yes, there is such an order. It is called a "stop" order. For example,
when the stock is at 13, you place an order to "Buy at 15 stop". When the
stock first trades at 15 or higher, your order becomes an order to buy at the market. You may end up buying at some price slightly different from 15, because
your order becomes a market order. There is no guarantee you will get the stock
for 15. For example, if it closes one day at 14, and opens the next day at 16,
you would have to pay 16!
Stop orders are definitly available on the NYSE and AMEX exchanges (I have used them before). I'm not sure about the NASDAQ.
