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As I understand things, limit buy means at the time your order gets executed
from the book, it will buy at the limit price, or lower (i.e. limit price or
better), so what you describe makes sense. I suspect it would get executed
as a market order (hit best ask) in this situation, but I am not sure.
> I use Limit orders to open positions, and you might assume that when
> unusually bad news or adverse rumors occur before market open on a
> stock that I have a limit order in place on that the MM's would hit my
> limit price BEFORE dropping the price, right? NOPE... I can't tell you
> how many times I've placed limit orders the night before and had
> adverse news or rumors gap the price against my intended position and
> I almost always get executed AFTER the gap has occurred, either buying
> lower than I specified or shorting higher than I specified. And I feel
> pretty sure that after all the dust has settled, I've actually
> profited from these situations because the actual OPEN is usually the
> worst price of the day.
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