All or none orders

[garilou]

In case some of you were not aware of it, last Friday (Dec. 12 2008) was the last day that the TSX accepted "all  or none" orders.
I find that pretty annoying!
It might come to an equivalent of being obliged to buy at market.
It won't be fun to try to buy or sell stocks that do not have huge daily volumes.

What do you think?

Louise

[DCA]

Ouch!  That must have happened when I was not paying attention.  I am thinking of one stock I hold in particular.  I hold about 2 1/2 weeks of normal market volume.  Every so often a large block changes hands.

Now I cannot use an all or none so that means that I must expose my limit order for an extended period and dribble out stock in small batches.

I am sure my broker will enjoy the commissions that this generates.

D

[garilou]

Yes it could hurt!

I am sure my broker will enjoy the commissions that this generates.

As soon as I read that, I had the feeling it was a broker's lobby!
But this is not new. Although I always gave "All or none" orders, I used to be warned that some markets did not accept those types of orders. But I never had problems, my orders were always executed as "all or none", but sometimes I missed a buy (or sell), because of my limit price associated to the "all or none". But my say is that a stock that you do not own can never hurt you 

PS: Hum, I'm not sure any more about what I wrote just above. The warnings could have been about some markets refusing stops. Would anyone know?

We'll see.
Unless my broker changes the options on its site, I'll keep giving "all or none" orders. A good broker checks and often manages  to get them.
 
But holding a position of 2 1/2 weeks of normal market volume! You are brave!
I've done that a few times, and was never very successful. Never more.
This is why I had started the topic:
Should not volume be considered? ( http://www.superstockpicker.com/forum/index.php?topic=716 )

You seemed to agree with me, but you had managed to buy 10000 shares of MKX.
Is this the one your talking about?

The replies from SSP were somewhat ambiguous:
01 October 2008:

"we already had in mind to add a volume filer to our screens <snip=== >raising the bar two [sic] high will exclude some of the good candidates..."

then:
11 October 2008

The volume filter is not implemented yet.

Implemented or not, I don't buy those!
SSP looks at candidates with a momentum, but they don't actually buy them, just state their % return, but we do not know on how many shares! They base their returns starting on the closing price, even if 100 shares were traded on that day! For sure, if the next day, someone buys 10000 to market, and that's the only block trade of the day, the closing price will be pretty high!

Oct 6 (UPMv3): Buy order for MKX, then Nov 11, Sell order!

The same problem, reversed!

Good luck!

Louise

[DCA]

No, it is not MKX.  My purchase of MKX was a bit foolish, although I did come out ahead.

The two and half week stock is the public company I mentioned elsewhere.  In truth insider regs prevent me from commenting on the stock and most of the holding has sell restrictions on it.  It has to be a long term investment.

SSP picks are short to medium term investments and volume is an important consideration.  I could have been badly burned on MKX.

I have learned to apply filters over the buy orders.

D

[ruth]

Hi Louise

I'm a total newbie to this forum thing, but I have been reading fairly regularly lately and have very much enjoyed your inputs. (So keep them up even though it appears that everybody is asleep out there)

 I'm one of those "nobody follows blindly" people ...
I was following the SSP v.4 for the last couple of years and did great.  Then in end  of september got totally burnt with HYG (I wish I had been aware of the Market Timer research, the beginning of September)  and have been in cash since, terrified to move back in and soooo glad that the Market Timer is there to keep me in cash, because as stupid as I was to "blindly" follow, I will probably do it again!!, with less cash this time.

Anyway ... my real purpose for writing was to thank you for the Stockwatch site, with it's last 10 trades posted. 

Thanks again for your many insights
Ruth

[garilou]

Hi Ruth,

This is very nice what you tell me, and I appreciate it, because I do usually pretty much research before posting, so that each post takes me a long time to write, added to the fact that English is not my first language.

For example, I do not quite undestand what you mean by:
"I'm one of those "nobody follows blindly" people ..."

I am really happy when people tell me that one of my posts helped them in a way or another.

Too bad you were not on the forum before. Not only is the community nice, but one can find some useful tips.

As for the Market Timing Signal, I think it has become necessary when the whole market crashed, but it could also have been useful before.

And Stockwatch is a very interesting site to explore. What I like is that they have a lots of free stuff, very little advertisement.
To be honest, it is through SSP's recommendations that I have discovered it.

Have you tried their Market Carpet ?
Pretty useful when you want to know which sectors are doing better then others, what I think will be important in the next months.

Stay with us.

But, although Bryan hates it when I say that, we are getting somewhat out of topic 

Louise

[garilou]

Hi DCA,

I suppose it's OK not to give insiders info, but I wonder why the secrecy about the name of the company.

Anyway, if you are an insider and are bound to keep your stock long enough, I guess volume is not too much of a problem for you by now.

I wish I was rich enough to buy enough shares of a company to become an insider

Anyway, good luck with your company!

Louise

[garilou]

Change of date:

============================
UPDATE: Elimination of All Or None Orders on the TSX and TSXV
 

SUMMARY:
Please be advised that both the Toronto Stock Exchange (TSX) and TSX Venture Exchange ( TSXV) have made the decision to eliminate the ability to enter or execute All or None (AON) orders effective January 19, 2009. Please note that this date has been changed from December 15, 2008.
If you enter an ‘All or None’ order prior to the close of market on January 16, 2009, please ensure it expires no later than January 16, 2009 . Any open ‘All or None’ orders with an expiry date of January 19, 2009 or later will be cancelled by the exchange after the close of the trading session on January 16, 2009 .
=======================

Louise