Ok...here is the situation. I was long MCP on friday. I checked the price on my iphone and the price was going down so I decided to sell. I placed a day market order to sell but didnt get any notification that it sold. So i checked my open order status and it said I didnt have any open orders. So about 15 minutes later I went home and placed the same order from my desktop but again, no notice that the order went through and nothing in my open order status. I looked at the price and saw that it wasnt moving and quickly realized that i had placed these orders after the market closed and didnt realize it was a half day of trading. So I just figured these orders couldnt go through because the market was closed. So big surprise when I get up this morning and I now find that I am SHORT MCP as the two day orders I placed went though as soon as market opened even though I had no notice that I had any open orders over the weekend. Had I had any open orders I would've canceled because I dont like to trade the first hour. So MCP goes up nearly $4 per share (about 14%). I call my broker and they bust up the SHORT side of the trade, but not the other day order I had place on friday to sell, so basically i missed that run up because my broker only got rid of half the trade. What should I do? Since all day orders are supposed to be canceled friday at 4pm, what are my options? Should i get my long position back? Do I have to go through the SEC to do it?
Market orders expire at the end of the regular session, not 4pm. Since you entered both orders after market close, they carried over to the next business day. Almost every broker handles market orders this way.
you put in the order in the extended market session which began at 1pm on friday because the market closed at 1pm for thanksgiving celebrations. it was a market order. market orders are not allowed to be executed in the extended market session. at some firms you would receive a popup asking you if u want to proceed. if u say ok your order is placed at 9:30 am the next day the exchange opens. be careful not to check a box which says don't display this message again. the thing u have on your side is that it should have shown up under pending day orders. you say u checked and did not see any pending orders. hard to believer the orders didn't show. however, some firms are pretty sloppy.