Check out this chart of RPT (one of my buys from Thursday). I
moved my stop to 9.90 which was around Fridays lows.
See the single severe downward spike in price that took out my
stop. That move doesn't seem resonable in terms of price. It looks
like a machine identified my stop on the bid side and then gobbled
it up cheep and closed me out.
Maybe I'm getting paranoid, but it seems like a very strange
price move...the price instantly rebounded!
And matt put GS on the watch list. I need a young priest and an
old priest - get me the holy water!
By the way, I have heard it is illegal for the specialist to
take someone's stop when it is out of the current market
prices. However, it happens all the time. Maybe a
complaint to the SEC and copied to the exchange might get some
attention and cause the specialist to reverse the trade. You
never know. Someday I might make that complaint myself, but I
usually use mental stops because of this very problem.
...so the specialist on the floor saw your stop order way down
there, reached in an plucked it for himself. It works
that way on these thinly traded stocks.
Strangely stopped out of RPT
Posted by macnsc on 10th of Aug 2009 at 10:02 am
Check out this chart of RPT (one of my buys from Thursday). I moved my stop to 9.90 which was around Fridays lows.
See the single severe downward spike in price that took out my stop. That move doesn't seem resonable in terms of price. It looks like a machine identified my stop on the bid side and then gobbled it up cheep and closed me out.
Maybe I'm getting paranoid, but it seems like a very strange price move...the price instantly rebounded!
And matt put GS on the watch list. I need a young priest and an old priest - get me the holy water!
stopped out by specialist
Posted by jungfan on 10th of Aug 2009 at 10:50 am
By the way, I have heard it is illegal for the specialist to take someone's stop when it is out of the current market prices. However, it happens all the time. Maybe a complaint to the SEC and copied to the exchange might get some attention and cause the specialist to reverse the trade. You never know. Someday I might make that complaint myself, but I usually use mental stops because of this very problem.
joe
...so the specialist on the
Posted by straws on 10th of Aug 2009 at 10:11 am
...so the specialist on the floor saw your stop order way down there, reached in an plucked it for himself. It works that way on these thinly traded stocks.
I'd like to mother-pluck him!
Posted by macnsc on 10th of Aug 2009 at 10:23 am
I'd like to mother-pluck him!