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Walt,
I got a bad taste the last time I was in the unleaded market. There was
plenty of volume. Market was 62.20 all morning. I bought a couple at
market. Filled at 62.70. It traded between 62.20 and 62.40 the rest of the
day. That's worse than most of my S&P market fills. I guess that's not all
that bad but I've used limits at the NYMEX ever since.
Steve
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> From: Walt Downs <knight@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject:
> Date: Thursday, August 07, 1997 12:54 AM
>
> Say,
>
> Has anyone been pulling some strange fills from the
> New York markets lately?
>
> Stuff like:
>
> Order: Buy 10 Oct Sugar 11.00 calls 35 OR BETTER on the Open
> (Sugar previous settlement : 35 )
>
> 11.00 Sugar calls open at 29, trade down and then move
> rapidly up to 45
>
> Trading desk calls to tell me that I have been filled at 35.
> In Sugar options, with liquidity like the Mississipi?
> I don't think so!!
>
> So, I argued and got my fill at 29.
>
> Well, today really tore it.
>
> Looking to enter Cotton on a buy stop at 65.05
>
> at 10:12, the market trades up to 65.05 drops
> briefly to 65.00 and then hops up to 65.31, drops
> a bit and moves rapidly to the 65.70 level.
>
> No sweat, I figure. I was in before the floor hit the
> stops.
>
> The trading desk calls with my fill at ** 65.60 !!! **
>
> Naturally, I expect slippage in Cotton, but this baby
> looked like the slide at DisneyWorld.
>
> My broker has Compliance climbing all over these
> hot dogs. WHAT is going on?
>
> These problems surfaced when
> my brokerage started clearing through a new
> clearing house. Is it possible that they are dumping
> contracts to floor traders that they are sponsoring?
>
>
> Is anyone else having these problems, or is somebody
> bagging me here.
>
> Walt Downs
> CIS Trading
>
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