I put in a small limit buy order (around $100) over the weekend for a small-cap equity trading with low volume. Somehow it got filled almost 6% below my price during pre-market. Cool, right? But why?

The transaction price was also well below the previous trading day's close (around 10% below) and today's open (around 8.5% below).

I figured that someone with a bigger order wanted to sell during pre-market and there was very thin liquidity. I suppose they saw that given the market depth, they'd need to sell at this lower price in order to get their order fully filled.

Is my understanding of what happened correct? I'd like to gain a better understanding of order routing and execution. I'm also curious how common it is for this type of thing to happen.

Thanks,

--Novice Investor

Some people have mentioned it, but I continue to believe this is the only thing that really matters for the next 5 months. If the TGA needs to be reduced to $400B by July 31, then we are looking at a net easing, similar to a massive Fed March15-April15-2020 style injection. I would then expect subsequent tightening could mean Summer 2020 marks a transient top. The only thing that stands in the way of my thesis is that the $1.9T stimulus would at first be QT before becoming an easing as the cash finds its way into M2 deposits, however this may happen gradually enough that it doesn't matter. I also believe the net easing will affect all assets, equities/RE/gold/commodities/BTC/bonds alike with the dollar being the only real counter asset.

Is there an 'exchange' or channel focused on discussions about the monetary plumbing? Would be great to discuss Dr. Manmohan Singh and Caitlin Long's RV video and some of the implications discussed there. Noted that most of Dr Singh's book is available in PDF format via various working papers. Lots to unpack there...