Re: one block of 225000 shares at ask
in response to
by
posted on
Apr 09, 2008 11:03AM
Posted by: emtnester on April 08, 2008 05:50PM
True story and I have the permission of the shareholder to relate his ...Faux pas.. Market was 0.505 bid and .51 asked between 2:30 and 3:00 this afternoon. This shareholder got "nervous" and put a sell order in at AMTD around that time. here's the problem.... he put in ALL of his holdings to sell 225,000+ and also did it ...ALL or None...obviously there was no takers of that amount AND it didn't even show because he TYPO"ed the wrong dollar amount... He typed in .50/share Sell....which was BELOW the bid...and All or None too...imagine the what the MM's did with that, knowing there was sell order in at 225k shares, below the market & all or none too. It wasn't but a few minutes later than the price began to crumble below that .505./ .51 area. He didn't catch his error till at the close and even then found out he had it good till 4/9, tomorrow, (which btw I didn't know was possible. only thought there was good for the day and good till cancel). Had to call them to get it cancelled because he got some error message about not being able to cancel online. So bottomline he's quite embarrassed over it and at least it won't show tomorrow again...unless he gets "nervous" once again. But he won't do a AON again and not his entire holdings at once either. Amazing how an innocent error can cause the market to tumble when that amount hits the sell side all at once. Take it for what it's worth, but I know him pretty well and he was really upset over the whole issue.
Be well |