Why is a stock non-buyable?

Discussion in 'Order Execution' started by street carp, Jun 26, 2008.

  1. Here's a first. In 6 years of trading I never was unable to purchase any stock, but today I couldn't buy OSK. Got the message: "Please contact your local branch about placing an order on this security." I'm using Scottrade. It caused me to miss out on a quick profit. Anyone else ever been declined for any buys before, including OSK today?
  2. um....OSK was down all day...your broker did you a favor by not letting you buy. With 9.9million shares trading you shouldn't have had a hard time buying......if you meant to say you wanted to sell short....yes this stock was hard to borrow today.....and short OSK would've made you money...not being long.
  3. newtoet


    Do you mean short?
  4. Some people trade and see things differently than you. I missed a profit by not buying on this one because that is how I saw a trade. Recheck the chart and see where there's a rebound a day trader could have gone long at. If I were to hold until close without a stop, than that would have been stupidly unfortunate. No method I know of is 100%. This is for a different sub-forum anyway.

    My question remains has anyone ever had a problem BUYING any stock?
  5. In the afternoon there was a sick stepping INET 100 share huge reserve buyer I first caught around I think 22 was the whole number, 22.81, I first saw him, he ended up stepping up to 22.05, the stock traded up to the mid .20s at that point, then came down, and when it broke the 22.05 I got 1000 short and made 20 cents... ended up going down a point. There was also some easy money on the long side in the morning (first 15 minutes)... check the quote and print history yourself to see the setup but going long wasn't crazy.

    To the OP: wtf, can't buy a security? If there's stock on the offer you should be able to buy. And I've never seen an orderbook that's completely empty on the offer side.

    You gotta call Scott Trade on this, I'm curious what BS they gave you.
  6. I will call them. I should have called them when it happened. After the market closed I placed a test order on OSK and it did go through. I'll post their response tomorrow if I get one.

    BTW, I was trying to buy later in the day around 22.5. It did keep falling to 22.21 I think, but shot up past 23 for a while so that was the long I was trying for.
  7. I got that message at TD Waterhouse some time ago. Can't recall the exact reply but something to the effect they did not want me to place an "internet" order. they would place it through the broker for the same price. It also may have had something to do with volatility (moving fast) of the stock.

    The answer was crap in my opinion. It is always something.
  8. Usually you might get that with an OTC stock or something thats being manipulated or touted.

    Rare otherwise.
  9. fbell50


    I had no trouble buying OSK through IB on 6/26.