I believe MM's are playing games here. today I put in an order for some shares above the then current bid. My order showed up as the new bid on L2's....for about 30 seconds. The size of my order on L2's then quickly diminished to 10,000, which is significantly lower than my actual order size. that just told me that what you see on L2's isn't always what it seems. there may be more bid support than what actually appears on L2's much of the time.