I hate (trying) to trade NYSE stocks. I just saw a headline about Celebrex being linked to 14 deaths so I put in an order to short PFE. Executions are normally slow on the NYSE for shorts, but in a situation like this they're impossible. I sat here and watched it slip away for more than 2 minutes but I had to pull my order before they filled me at some ridiculously low price. I put my order in when the stock was around 29.3, it's at 27.5 now.
Here's the news (via Briefing.com of course):
10:09 PFE Pfizer: hearing that story is out that Celebrex has been linked to 14 deaths... stock seeing spike in volume on these reports (29.33 -0.12)
10:15 PFE Pfizer: source of story is Canada's National Post... PFE continues to tumble on report... stock has dropped 5% in less than 15 min (28.05 -1.40) -- Update --
10:31 PFE Pfizer: Details of National Post story on Celebrex (28.14 -1.31) -- Update --
The National Post reports that: "A popular pain drug touted as the safe alternative to Vioxx after that medicine was pulled from the shelves is itself suspected of contributing to at least 14 deaths and numerous heart and brain-related side effects, according to Health Canada documents. The documents include more than 100 adverse-reaction reports on Celebrex over the past five years, including 19 cases of heart attack, cardiac arrest or heart failure and five strokes. The data, based on voluntary reporting by doctors and others, comes to light as some experts suggest Celebrex and other pills in the same pain-relieving class may have similar cardiac-related effects to Vioxx, which was pulled from the market by Merck last month after a study showed the pills significantly boosted the risk of heart attack and stroke. Health Canada, a top Canadian expert and Pfizer, which makes Celebrex, say the adverse reaction reports paint an incomplete picture, based on untested suspicions, with no comparisons to the effects of other drugs."
How much do you think the good 'ol SEC uptick rule for shorting stocks had anything to do with it?
It had some part, but I've been in similar situations on the NASDAQ and gotten filled. There were some upticks during those 2 minutes. There's just zero control over orders at the NYSe. You're at the mercy of the specialists.
I feel your pain.
I've submitted orders to buy limit with a price at the posted ask and I don't get filled.
60 seconds later I'm still not filled.
Now, I'm offering to buy, like 500 shares, at his posted offer price. I should be filled immediately by his electronic processing system, and I'm not filled.
90 seconds after I've hit the send order (and I'm using Interactive brokers so I'm used to split second fills) the stock tears through the roof.
Think there was some prejudice there? you bet.
How could I not have been filled?
Anyway, I feel for ya Mike.
(And that's why I primarily trade futures :) )
I say we rise up & boycott the NYSE! :-)
Keep in mind that the NY tape is like a newspaper; it records history. In fast markets with news the tape will lag. If you really want a challenge, try trading a fast NYSE stock with Knight/Trimark getting your order! Most discount brokers use them, and my sad experience is that you only get filled if the stock trades through your limit.