Correction - no market orders on an IPO open

I have to correct one thing about my original plans for how to play the IPO open for Twitter. I suggested that I would place a small market order to assure that I got a position, plus a couple of limit orders, but the simple truth is that you aren't permitted to place a market order before the open of an IPO, only limit orders. Once the IPO stock begins trading, then you can place market orders.

 

The other reality is that if you watch the "indications" shortly before the open, you can easily contrive a limit order that is very likely to be accepted at the open, effectively "as if" it were a market order.

-- Jack Krupansky