dac..sorry not tryin to be a punk...but I find sometimes the best time to short IS when there is nothing pointing to a legit short position.
I don't know why many of you amateurs are giving this guy such grief over his order fill. I had similar shit happen with orders going through IB. Sometimes they bust it and others I have to eat. BUT what IB told me is that MANY of the bids/asks that show 100 shares/side are considered a "service" quote and not even to be relied on. That makes the whole market order system a joke in lighter volume stocks and increases this sort of risk *tremendously*. BTW, what kind of trader are you telling someone he got a bad fill because he was short?
Joab, Your order was filled on the third market, according to my time and sales. Your order was obviously filled much higher than you would have received from the specialist on the NYSE. My first question is, did you specify the third market on purpose? I assume that you meant to place your stop on the NYSE. If that is the case, check your execution platform and make sure your orders are routing to the appropriate SDOT provider. If you receive a clearly erroneous fill, call trade support at your firm immediately!!! Have them check the order and work to get your trade busted. If the trade support at your firm is any good, they should be able to tell you what the chances are to get the trade busted. If I was in your shoes and my trade support guy told me that my cover trade would most likely broken, I would cover again if the stock was moving up. No sense in taking the risk of a point and a half hit. If the trade wasn't broken, at least you would have been long and recouped some of your loss.
1. The trade did get busted and I did net out with the $750 loss. 2. I was told by my firm that there was no MM on this stock today as the excuse. 3. I routed the order HUNT which is a special algorithm my firm uses This is the real problem and why this all happened, I think it's the algorithms fault and I'm switching firms Monday 4. For those that question this short watch it for the next few days and then tell me IF I was so wrong. Thanks everyone for all the help !
I'm tempted to say Al aint got no rhythm, and the HUNT was for a sucker, which was found and captured. But I won't.
Sorry to hear about what happened Joab So what happened that you still got stuck with a 750 loss? You had to sell much later then you thought? I never knew something like this could happen when you placed a market order ...
On stocks with avg vol<300,000/day it DOES happen once in a while and many times the broker will NOT be able to get the trade busted.