I wouldn't say those trades under the bid are phony. They are malicious however. When I'm sitting with an open order sitting at say .2211 without using the "all or none" I have gotten partial fills in the .21's. This is just an example of what I've seen. This is the MM's playing their games.

Once a deal comes through, the momentum won't allow for this as much. At least till the volatility returns. The momentum on the deal will send any buyers competing over the ask driving IPIX up quickly.

imo