Very strange pre-market activity: I've had a buy order sitting at $4.80 (just in case) and much to my surprise, it got filled this morning at about 9am EST. The spread between bid/ask was so huge that the Market Makers gave me an early Xmas gift. Kylie, was that you that put your sell in at $4.80? LOL
Somebody must be kicking themselves right now for putting in a market order and not using a limit order. That's a hard lesson to learn, but I'm not complaining!
I applaud your taking the trouble to pursue this matter.
Like you, I doubt that you will get satisfaction, but who knows? Your communications might land on the desk of a sympathetic bureaucrat type who wants to punish someone else's incompetence!
Please go public here if anything comes of it!
As the saying goes.
"If it sounds too good to be true it probably is"
There are many here that would like to get filled at $5.20 and they would certainly get filled before $4.80. Now if you offered $6.80 they would have no problem filling your order with no reversal in sight. Just cahlk it up to a learning expeirence. A cheap one at that!
"Never heard that a trade could be rejected"
For those interested in the innards of the job, I suggest you read books like "Leg the Spread". You will lose all respect you ever had for the traders and understand how they function. No wonder those traders don't last too long.
As for Logline's trade, just think for a minute: if the specialist saw the stock for sale at $4.80 and it was valid, why would he give the trade to anyone. He would grap it for his own account and get a quick gain himself.
Already done. They explained that Island is the one who made the mistake. It looks like I have some letter writing to do (complaints dept, SEC, NASD), but realistically, I doubt it's going to result in anything. The system is set up to screw the individual investor. I'm pissed. At least I still hold my core position and no losses there... thank god!
I am furious!! While watching my real-time streamer, my number of SLW shares unexpectedly dropped back to my core position without any warning. I go to check my order status on Ameritrade and it says that my previously "filled" buy at $4.80 was cancelled after the fact!!! I couldn't believe it, so I immediately call Ameritrade's customer service (misnomer) and they said it was a rejected trade and that according to NASD rules, market makers are legally allowed to reverse my purchase within 3 days. The market maker here was ISLAND. It was THEIR fault, so why should I be punished? All this woman would do is give me the street address of her complaints department. Apparently she couldn't transfer me by phone since the complaints department doesn't accept phone calls... how convenient for them!
To add insult to injury, my limit order was cancelled, so if I wasn't watching my screen, or was on vacation, I would never get that order filled if by chance the price were to go down that far.
Lesson learned: DO NOT USE AMERITRADE! I'm looking for a new (read:CHEAP) online broker. Any recommendations?
Do I have any legal recourse here? Anybody with experience in this area?
You didn't really expect to get filled with those prices, did you? If you had been, it would have been sheer luck.
Anything can happen in premarket, witness the previous poster getting filled at 4.80, which is a real shocker......Hey! That was pure luck - you know it, I know it, and he knows it!