"stitch below marker?" when knitting in the round
The directions in this pattern say, "At the BOR marker, place a pin or piece of yarn on the stitch below the marker." Does this mean, 1) the stitch after the marker, which would be the next stitch after I move the marker to the right hand needle, or 2) the stitch right below the marker, in the previous row? Also, does "placing the pin or yarn on the stitch" mean around the "neck" of the stitch or does it mean through the loop right on the needle?