The following story is an example of the pitfalls inherent in trading and of the gross incompetence of the staff at the nasdaq. You have heard that nasdaq busted a number of trades at the open that were 15% off from previous closing prices. Most of these trades occured in very illiquid stocks, no big deal. Except that one of those stocks was IIJI, a huge momentum stock that traded 18million shares and is down 33% today on bad news. This morning I went long 20k shares of IIJI at 9:31am at 8.2, sold it all at 8.2 at 9:45am. I was playing for an opening bounce, didn't get it, no big deal, quickly forgot about the trade. At 4:00pm today, I checked all my trades, everything looked good and I shut down my system. Then about an hour ago, I get an email from IB, my broker, that nasdaq has decided to bust 11,000 shares of my original buy of IIJI at 8.2 at 9:31am. These were all the shares that were executed via supersoes. All the other trades on ECNs stand. So now I'm short 11k shares at a price of 8.2. Stock closed at 7.11. If prices stay about the same on monday, I could cover for a 11k gain. You might guess I'm happy, but not really. And here's why. 1. Nasdaq made the decision to bust the trade AFTER the close. And over 8 hours AFTER the original trade. Outrageous. 2. Nasdaq contradicted a direct statement they made at 2:30pm that no further trades would be busted. They also specifically said in that statement that the decision was "not appealable." Guess they changed their minds. Outrageous. 3. The trades made in IIJI at the open were completely valid. Stock was down over 15% because of bad news and not because of any trading error. There was no reason for the trades to be busted. Especially since it was only the supersoes trade, and not the ECN trades that was busted. So assuming nasdaq doesn't change their minds again and unbust the busts on monday, which is possible, I'll probably cover for a gain. But my confidence in the nasdaq system has been significantly lowered, as this trade could have easily gone the other way. And the nasdaq people apparently have no sense of fairness or proper market decorum.