Tuesday, February 27, 2007

Wow, What A Day!!



I haven't seen selling like this since 911. As a day trader I shorted around 1:00 and watched the dow go from down 250 points to down 450 in seconds!!! At 3:00 I tried to cover into the sell off but my orders were held. There were no fills! By the time I got filled most of my profit was gone. This hybrid system has to be traded with limit orders, but even with market orders I just wasn't getting filled at 3:00. A few traders that I know experienced the same problem.. I wonder if this new hybrid system has something to do with it. hmmm...

3 comments:

ML said...

Kevin,

According to Barry Ritholtz the NYSE collar was trigger today.
http://bigpicture.typepad.com/comments/2007/02/nyse_collars_tr.html

Which broker do you use? TDAmeritrade was stellar for me today, Scottrade not so.

Love your blog!

tpascolla said...

I dont buy it, overlay the naz, dow and s&p500 on a chart. they pretty much moved in tandom on the steep drop. Its not like the sudden drop in the dow caused the naz and s&p 500 to follow.
It looks like the dow was held up on purpose so the specialists could hedge thier positions. Then you couldnt get any orders filled until it bounced back up a little. Give me a break! The fix was in.

Kevin said...

I was thinking the same thing about the specialist having something to do with me not getting filled.

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