Agreed HCIT, when one watches trade by trade it's obvious there is manipulation going on, but it is ultimately the market makers who have control, especially since there aren't limits on their shorting abilities. Absent overwhelming demand on either the buy or sell side, they can pretty much control the trading up or down by their ability to choose which trade to fill, both in time and quantity. Not to say that they don't have rules to go by, but they're the big guys in the room who can set the tone for the day's trading. See a lot of stops at lower prices? Then fill the sells, maybe even the ones offered by other market makers, to lower prices and reload inventory on the backs of those who place stops. or depending upon who you are...

They're the market makers, tasked with making a market in the stock, but they're looking at their own situation first and foremost, so if they get caught on the wrong side of huge moves, they can get wiped out too...

IMO of course (w/ a tip of my hat to Misiu143!)