IIC's Winners Watchlists

[wooish]

Oh so it was you huh? Because of your chocolate chip my paper loss for today is $6k. Thanks

[IIC]

Think about it...Citi...Gov owns it...Gotta get that Financial Reform Bill some support...LOL

I actually had my best dt day of the year today and I was done 5 mins before the carnage...We'll chalk that up to the Angel in my pocket

[IIC]

Next week's IIC 100 is ready at http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1659925

Oddly enough...This is the first time in way over a year that I was able to get 100 using the original 2004 criteria.

...Doug

[IIC]

Any truth to the rumour that the Staten Island Ferry's engines were made by Toyota?

[IIC]

Moody's Gets "Wells Notice," SEC May Order Ratings Agency To "Cease And Desist" http://www.businessinsider.com/henry-blodget-moodys-gets-wells-notice-sec-may-order-ratings-agency-to-cease-and-desist-2010-5

[IIC]

Here's the scenario...

On Thursday when the market tanked I happened to be super quick and picked up some QID at 2.50 and sold it at 16 a short time later....It now stands at 18.50.

Problem is the 2.50 buy was later cancelled...But I sold it at 16 long before the buy was cancelled.

So what happened...Was my sell cancelled too?...What about Mr. Shrewd who bot my shares at 16 and later sold them for 18?

Or...does my 16 sell now turn into a short sale and I'm in the hole 2.50sh for being so clever?

But wait...I never selected Short Sell when I placed the trade...In fact, I did it in my IRA and Sell Short is not even an order type option in that account.

So what really happened to me and the guy who bought my shares and the brokers and where are those shares?

Anyone care to guess?

Doug
btw...This didn't really happen to me...But somebody was involved in this type of scenario and I'd like to know what the outcome was

[jiesen]

Here's the scenario...

On Thursday when the market tanked I happened to be super quick and picked up some QID at 2.50 and sold it at 16 a short time later....It now stands at 18.50.

Problem is the 2.50 buy was later cancelled...But I sold it at 16 long before the buy was cancelled.

So what happened...Was my sell cancelled too?...What about Mr. Shrewd who bot my shares at 16 and later sold them for 18?

Or...does my 16 sell now turn into a short sale and I'm in the hole 2.50sh for being so clever?

But wait...I never selected Short Sell when I placed the trade...In fact, I did it in my IRA and Sell Short is not even an order type option in that account.

So what really happened to me and the guy who bought my shares and the brokers and where are those shares?

Anyone care to guess?

Doug
btw...This didn't really happen to me...But somebody was involved in this type of scenario and I'd like to know what the outcome was

my guess (and this is just a guess) would be that your sell order, and therefore mr clever who bought them at 16's orders (both buy and sell) would have been cancelled, as would the orders of any other traders lucky enough to have participated in the ensuing fun games and such with the pretend shares of stock. it's the only way that cancelling that first trade can make sense, and I suppose it's one reason for the delay in settling trades.

but really, there should be no take-backs in this game. they make you sign all kinds of waivers and such when you open your account telling you that you can't take back your decisions, but *they* never agree to the same.

if there was a computer glitch telling someone they can buy shares for a penny that should have been a buck, well, then the bank who owned that faulty system should be on the hook and cough up all shares promised. but I guess that with this credit crisis we're in, it's all fine and dandy to just break a contract now and then if it's convenient for you (especially if you're the bank and/or can afford a good lawyer). and if you can't pay your mortgage, just walk away, because there'll always be another sucker willing to give you another one. but I digress... sorry!

[billyjoe]

Doug,
I say you never really bought QID so you couldn't sell what you never bought. Mr. Shrewd didn't know he was buying from a flim flam man so his buy stands. Somebody else has to worry about how his shares get delivered.

----------billy

[billyjoe]

Doug,
What if Walmart mistakenly buys a truckload of non Chinese stereos that are exact duplicates made by a reclusive nerd in his LaJolla garage? They got them for $2 a piece less than the normal Chinese units. You buy one for a joke and resell to your least favorite in law. He finds it to be the best stereo he's ever heard. Meanwhile Walmart finds the shipment was U.S. made and wants to cancel payment. They track down all purchasers and tell them to return the defective units. The immigration service gets involved. Feds come to your door. You send them to your brother-in-law's house. Does he have to give up his favorite audio receiver?

------------billy

[microchips]

Was i robbed?

[QUOTE=IIC;104983]Here's the scenario...

On Thursday when the market tanked I happened to be super quick and picked up some QID at 2.50 and sold it at 16 a short time later....It now stands at 18.50.

Problem is the 2.50 buy was later cancelled...But I sold it at 16 long before the buy was cancelled.

So what happened...Was my sell cancelled too?...What about Mr. Shrewd who bot my shares at 16 and later sold them for 18?

Or...does my 16 sell now turn into a short sale and I'm in the hole 2.50sh for being so clever?

But wait...I never selected Short Sell when I placed the trade...In fact, I did it in my IRA and Sell Short is not even an order type option in that account.

So what really happened to me and the guy who bought my shares and the brokers and where are those shares?

Anyone care to guess?

Doug
[I]btw...This didn't really happen to me...But somebody was involved in this type of scenario and I'd like to know what the outcome was[/I

Hi Doug,this happened to me last Thursday; please bear in mind i am on a 15min delay and UK time is +5hr on US time. I was selling 115 put contracts and was quoted $2.03 by OptionsXpress i reviewed everthing and pressed the submit order button at exactly 2:49:14sec there was no sign whatsoever of a fat finger hitting the wrong Wall St button.At exactly 2:51:03 the contracts were sold for 0.25 they put $2875 instead of $23,345 the contracts either side of mine were $2.09 and $1.38. Still not knowing anything about the fat finger i contacted OptionsXpress who said they would look into it, low and behold the following day on logging into my account i saw they had put 115 contracts back into my account with a sell order on them which sold in a nano second for .75. I contacted them again saying i was not happy to be still $1.03 out of bed! they said i was lucky they had got a price improvment out of the exchange.Surley when the stuff hit the fan they knew long before i did as they have instant streaming from the stock exchange.Friday night came and i recieved a call from head of the trading team saying it was the best they could do and that was it. To rub salt into the puss filled wound they even charged me $172 fo selling the second lot of contracts.On digging about i noticed that they had put down two different exchanges that dealt the orders? i read somewhere that the NASDAC were going to cancel all trades concerning 296 companies on the mad 15min spell. So now i am $11,603 down through no fault of my own!! In your valued opinion as well as everyone elses what the hell should i do now? do i consider myself fortunate to have got a price increase or was i robbed?.
Nick.

[billyjoe]

micro,
Probably the little guy will get the screw. All the big boys claim ignorance and point their stubby fingers at the other fat cats who point back at you. They've gotten away with trickery many times before so they're not about to take any blame on this one.

--------------billy

[microchips]

Gone in 60secs.

micro,
Probably the little guy will get the screw. All the big boys claim ignorance and point their stubby fingers at the other fat cats who point back at you. They've gotten away with trickery many times before so they're not about to take any blame on this one.

--------------billy

Billy, If the market tanked on Thursday how comes my puts went from $28.50 to $32.50 ? i thought the stock market went down so therefore i should have been well off!!! i don't like loosing money but when it is not my fault and is down to incompetence by other parties it sucks>> just glad i didn't have enough money to buy DECK and APPLE bet them fellas r sick. so guess i will just have to stop crying and get over it.
Nick

[IIC]

Whoa...that's bad...I don't know what to suggest you do...Doug

[microchips]

Gone in 2secs

Whoa...that's bad...I don't know what to suggest you do...Doug

Doug, Over here there are a couple of institutions where you can get pretty good advice on crap like this, would yourself or anybody else know of any?in the US because i would hate these morally bankrupt sods to get away with it!
Nick.

[IIC]

No I don't...I've always dealt direct with my problems...But I never had that one happen to me...Sorry I'm not more help...Doug