testerralph

You're absolutely right. I meant to ask about stop orders and got confused.

> Sleeping-stops kill...If you had a stop to sell if RSP crossed under $70, say, right after the open, your order became a market order, and you could have been executed anywhere in the line of terrible trades.

Is there another mechanism that serves the same purpose as a market order, but that isn't quite so vulnerable to these flash panics? Maybe something like "sell if it stays below $X for more than an hour"? Though I guess that wouldn't save you if the crash really was because of bad news.