No you can't. You can only buy a stock based on the set of offers to sell that stock. The closing price is the just the price that marked the last trade of the day, and isn't otherwise special.
Of course you can buy at the closing price. There are MOC and LOC orders for doing just that (Market On Close and Limit On Close).
The former indicates that you must get your order filled at the closing price, the latter allows you to specify a limit at which you'll go to, in order to trade at the closing price.
How else would funds that need to trade at the closing price, actually trade at the closing price?
Now you may not like the closing price, but that's another story.
> The closing price is the just the price that marked the last trade of the day, and isn't otherwise special.
I guess i should also point out that many ETF's mark their value based on the closing prices of the NYSE or Nasdaq making their closing prices very important.
Those are still just ordinary trades that happen at the end of the day. You're still just pulling orders off of the queue of sell orders if you're buying. The final close price will of course be the price after these trades are executed, and you aren't guaranteed to even get the close price.
> Those are still just ordinary trades that happen at the end of the day. You're still just pulling orders off of the queue of sell orders if you're buying. The final close price will of course be the price after these trades are executed, and you aren't guaranteed to even get the close price.
I'm pretty sure at this point I'm being trolled but just in case you are being serious and don't know how to google......
Are you disputing that if you issue such a trade that you are not guaranteed to be able to execute it? Because, I assure you, there is no such guarantee. I'm not even sure why this requires some special explanation. There have to be enough people willing to trade at that price. The exchange isn't going to force people to trade with you.
hold on, let me have some time to adjust for all the goal post moves you've done here.
> No you can't. You can only buy a stock based on the set of offers to sell that stock
First you said that you can't buy/sell at the closing price and I showed you that this is wrong. Infact there are a whole lot of people who are obligated to trade at the closing price
Then you said the closing price wasn't special. This as well was shown to be false as many ETF's are marked by the closing prices of certain markets, notably the NYSE.
Then you said you aren't guaranteed to get the closing price. This was an even stranger error as the message before I showed you the MOC order which indicates that you will trade at the closing price.
Finally you tripled down on this mistake by changing your argument that technically there might not be any trading partner at the close.
This is technically true that in theory it might happen, but in practice I'll sit and wait for you to find me a case where this happened.
I mean think about it. You put out an MOC order that indicates you need to get a buy order filled. Unless you are trying to buy some crazy amount of shares, you will get filled. depending on the price the closing price can move up to 10% or 20%. This means that an arbitrager can pick up shares on the cheap or sell them for an artificially high price.
The system just works.
I get that you don't work in finance but you continue to keep making the same false statements over and over again:(
Right, that was kind of my point as the parent seemed to be implying you could perform an arbitrary amount of trades at the closing price and would be somehow magically guaranteed to fill the orders. Or at least that's how I read it. Interesting discussion nonetheless.