ANKHEROO

"Whether it does or does not happen that way however, it is unlikely that the index would be selling ARU shares today given that ARU was up(at least it was at 4:00:00) 0.4% while the index was down 1.51%. I would be curious to see you reconcile those facts with your theory."

Have you heard of something called "fund redemptions". People cash in their mutual funds. ARU was down 0.11% today. Remember client orders wud be included in the buy side total. If you had an order to buy 2000 shs today at $9.23 your fill wud have been at $9.21. You wud get the lower price that it took to fill all of the MOC orders. Get it.

This is a quite a simple point. Once explained to my simple abilities of understanding, I will be happy to lay the topic to rest."

Let's suppose that today there are total MOC sell orders for 15,000 shs. all entered before 3:40pm. At 3.59pm the mkt is $9.23 bid--$9.25 offered. However the $9.23 bid is for only 3,000 shs. There is also a $9.22 bid for 4,000 shs. There is a bid for 18,000, shs. at $9.21. The MOC order wud fill the 3,000 sh. order 1st, the 4,000 sh. order 2nd & the balance of 8,000 shs. wud go towards the 18,000 & wud be filled in the order they were rec'd. Now here is the important point. ALL OF THE ORDERS WUD BE FILLED AT $9.21. It's similar to a Dutch auction. Everyone gets the same price.

I know this will not satisfy you but it's the best I can do. Suggest you re-read Buckshot's post as well. You don't have to say you agree with how things are done but at least acknowledge you understand the method used for MOC orders. For about the 3rd time I'm done with the subject.

Regards

Joltin