OK, someone try to explain this to me...
I was long 100 shares of ZZZ (not the real symbol) priced around $90 a share.
I had a stop order (OCO) at 86
I had a limit order (OCO) at 95
Shortly after market opened, I logged into my etrade account to see that my SELL orders had filled at 90.something
OK, so I go to look at ZZZ, to see what it did. I see it opened at 90.5, and the trading had been in the range from 88.5 to 90.5.
Last price was just over 89
So I went on chat with ebay. Their explanation is that my order tripped a (stop) market order right at the opening.
But then I pointed out that the open was 90.5, and trading had not dropped below 88.5...
(so how was a stop triggered at 86 or lower???)
So the girl contacts the trading desk. Then she comes back with the explanation...
The explanation was...
"Right at market open, somebody BID 83, which tripped your stop at 86, and then the sell order was filled for just over 90..."
So my comment on that was...
"You mean if I BID 30 at the open, that might trip about a million stop orders?"
Etrade's response was...
My comment was...THAT'S INSANE!!!
Really a bid is nothing more than a wish. Why should a BID be used to trigger a stop?
Is this common practice, or is it an etrade foul-up?
I've placed many thousands of orders over the years, and I've never seen a sell order trip early before. So I'm still suspicious that etrade screwed up, somehow.
Stop on BID price? REALLY?!?!?!?