etrade bid limits?, page-6

"I knew that there would be a rush for the share and tried to place an order at about 10pm last night at $0.37 (the closing price yesterday being $0.255)."

My comment:

If people were allowed to place bids way above or way below market when the market is not trading it is pretty obvious to me that the system would be abused.

In my opinion a smart investor doesn't show their hand 12 hours before the market opens with a bid 50% above that day's close.

But if your bid commits you to nothing it would be done across the board - and of course not for genuine buying or selling reasons.