Can anyone explain what happen to moc's today? Almost every single sell went ugly on the last print. Some were near 1pt away. Thanks.
A firm sends in a MOC to the floor. For lets say 500k shares of UNP. The Firm starts buying stock. Huge sell imbalance is shown from the floor at 3:40. Firm continues to buy stock and has 200k shares. Firm sends multiple buy MOC orders to the specialist, for 750k. MOC sell is now a MOC buy, but this info isnt transmitted. The firm places sell orders at 3:59.50 - 3:59.59 above the last price. Stock closes 1 point higher then the print before the close and firm makes 200k+.
Thanks. Seems like it must be one firm that did it on multiple stocks that day. UNP did it again on friday.