Does a good til cancelled order take more or less precedence over a day order?
No. We just prefer day orders on certain types of plays and have no reason to put in a good til cancelled order that we may forget about and get hit at an inopportune time. We were not stating or implying that a day order had more precedence over a GTC. On the other hand, a market order will take precedence over a limit order when it reaches the floor. Usually doesn't make any difference in getting filled, though in a market that is moving fast it can hurt you-that is why we sometimes place a limit order ahead of the stock when the market is fast as opposed to placing a market order.
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