NetNews Usenet Archive 1993 #3/NN_1993_3.iso/spool/misc/invest/16958

Text File | 1993-01-24 | 1.7 KB | 41 lines

Newsgroups: misc.invest
Path: sparky!uunet!paladin.american.edu!gatech!destroyer!ncar!aurora.hao.ucar.edu!pag
From: [e-mail] (Peter Gross)
Subject: Re: Good 'Till Cancelled order processing
Message-ID: <[e-mail]>
Keywords: NYSE, bid/ask????
Sender: [e-mail] (USENET Maintenance)
Organization: Malco Partners
References: <[e-mail]>
Distribution: usa
Date: Sun, 24 Jan 1993 02:44:23 GMT
Lines: 27

In article <[e-mail]> [e-mail] (Robert Virzi) writes:
>I have a good until cancelled order to sell some GTE stock @ $35.
>GTE is traded on the NYSE and usually has about a 1M shares volume
>in a day.  Since the order was placed, GTE has touched 35 twice,
>but the order has not executed.  This is not in itself unusual, but
>the explanation I got from one Olde Discount Broker droid has me
>puzzled.  Here is his explanation:
>
>"When NYSE intra-day highs/lows are shown, as in the WSJ, the high is
>always the ask side, while the low is the bid side of a spread, typically
>1/8 pt for a stock like GTE."

That is incorrect.  Your droid don't know sh*t from shinola.  For NYSE and AMEX
stocks, traded on specialist markets as opposed to the market maker system
of NASDAQ, the daily hi/lo prices reflect actual traded prices NOT bid/ask.
Your GTC order may not have been executed because:
    1.  Not enough shares traded at your limit price (35) to reach your order
    on the specialist's book.
    2.  The trades at 35 occurred on regional exchanges, not NYSE.
    3.  A very large block traded at 35, which "sized out the book", ie.,
    was for more shares than were offered.

In any case, get a droid who knows what's going on.
--
--peter gross
[e-mail]
(303)-447-1374