RE:Don't Panic Please (the close, nothing to worry about)fdfd12: Congrats on ur trading and thanks for explanation. I still feel sick on sp drop. I shut computer after 4:00 PM and we were up. Was thankful for green day. Still scratching my head. Snooze you lose I guess.
fdfd12 wrote:
What just happend was something called the market on close. Known as MOC.
At 3:40PM, the TSX release buy and sell orders that will be executed at the close.
Today (because of options expirations), CXR had a HIGH volume of shares for the close.
CXR had over 500,000 to SELL.
What this means is that at 4:00, someone press market SELL 500,000 shares and this is what happens..
We were at around $52.50 when the TSX release that CXR would sell 500K. This brought its price down to $51.80 at 4PM and then WHOOSH to $50.41.
This is only temporary and assuming, market doesn't tank Monday, CXR should start at around $52.50.
Evereyone understand?