Fills, from Jim Sogi

July 11, 2011 |

 In Reminiscences of a Stock Operator there is a scene where a tout runs up the the Commodore and says buy such and such stock. The Commodore phones his broker and says sell 10K, then says sell 10 more. Tout goes, "What are you doing, I said Buy!, not sell". Commodore says, I need to see how the market is taking the orders.

Does it make a difference how your orders are being filled? Are they gobbled as price passes thru as if you weren't even there, or does it nibble nibble at the order and partially fill, or does it touch and fill, or does it sit on price touch, touch, not fill, then fill? Do these variations even make a predictive difference in what happens in the near future?

On an a somewhat unrelated matter, the drop this morning was interesting in that it didn't have the panic drops and sell, rather a very very broad based slow decline with over a 30:1 ratio of NYSE downvol to upvol for almost the entire period. That seemed unusual. Marty Zwieg had some prior era contra trades based on the high ratios which don't seem to apply in the current market.





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