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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: gene_the_mm who wrote (17)7/26/2000 9:42:19 AM
From: Mark Z  Read Replies (1) of 1426
 
Hi Gene...I've a question regarding market-on-close orders on listed stocks. I trade SCH and a few weeks back there was a clear trading pattern that seemed to be tied to someone knowing about moc orders. About 1/2 hour before the close, SCH would run up, one day 2.5 pts which is a lot for SCH for a 1/2 hour, but usually 3/4 point or so. Then after the close I'd see prints (moc orders) above the closing ask for upwards to 25% of the day's volume. Was someone aware that there was a lot of moc buy orders waiting and buying to run the price up and sell into it? Or maybe my question is: who knows what the moc order book looks like besides the specialist? And how late can a big buyer place a moc order...do they have up until 4:00 pm or is there an earlier deadline? BTW, this was a very tradeable phenomenom for about 10 days and stopped once they reported earnings. The same pattern occurred with FDX for about 3 or 4 days before it reported.
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