Forum Archive Index - February 2001

["G Stolwyk" <stolwyk@wave.co.nz>]

 

 

Comment on:

 

The " Montana " debacle

 

An " excellent " source told me that when a large queue of prospective sellers was being formed to sell @ $ 4.65, they were getting worried about missing out.

 

Clients proceeded to amend or put in new orders to sell " at market ". Normally, they would be given priority.

 

They must have been just too late:

What happened was that after orders were filled @ $ 4.65, there was a sudden drop-off in price to about $ 3.70 - $ 3.80.

At this point many " at market " sellers " became" automatically sold out! 

 

My source refused to take any sell orders unless the seller quoted a price with a limit attached! A very unusual method of operation.

He must have foreseen what was going to happen:

 

He finished up with two lots of happy clients: those who sold at the top price and others who still have shares nudging the $ 4 mark! Yes he got plenty of thanks from the latter!

 

I hope that Sharechatters did'nt get caught?

 

Something to think about!

 

Gerry