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liquidity
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Why did my limit buy order get filled 6% below my price?

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

The Only Thing That Matters: TGA Drawdown + Fed Purchases vs. Spending

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.

APAC Friday 12th February 2021.

Friday – the liquidity fading as the week progressed. What’s going on…. ?

Meant it was a tricky day again - some good structure, yet hard to read as the flow is erratic.

Started off with a predictable move, sticking to the algo play-book. No correlation or moves from the Nikkei and US futures so had to read the SPI price and work from that. Old school skills. Could tell it was being bid – which held up into the Nikkei cash open. The Nikkei gradually then quickly rallied – at 11am up 0.4% which is a big rally. US futures up over 0.1%, and BTC surged too to be up 3%. That was about the high – watching the price of the SPI it wasn’t rallying. If anything weakening.

I had nothing to correlate it to, so it was tricky, but just watching it (plus pre-market intuition) was enough to make me believe the Nikkei and US would fade, as we were coming off a touch. By 11:15, the Nikkei was back down to about 0!, US futures off a touch, and we were down a decent amount. BTC up to +4% to buck the trend.

That confirmed my expected flows, so I was content. Rest of the day was fading that – then consolidating. We led the Nikkei and US futures, both down about 0.1%. Not much to work with. Charts are below.

We were moving at a slow pace, so hard to trade, low vols, yet the... (More)

An 'exchange' on collateral and plumbing...

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...