I'm still learning but from what otctrader has said and what I've read up on about Mm's it goes kind of like this. When Mm's have a huge number of shares in their pocket they will put up a huge number on the ask. This spookes people into selling and drives the price down. You will see that the same mm will have a smaller number on the bid which is his actual goal. Once he gets that buy he will then drop the big number off the ask and the pps will then fluctuate depending on what the other Mm's are doing. On the other side, if they want to push the price up they will put a big number on the bid and a small number on the ask. The mm doing this is known as the AX and basically has control of the pps. Many Mm's can be the AX in one day. What's important to understand is this only works when the volume is low. If there are a lot of retail buyers like you and I the Mm's have to be careful because putting a big number up might actually move and they get screwed. This morning there were a lot of retail buyers so the Mm's were careful and the pps ran. But as the day continued the volume fell off and they were able to play the game. Hope that helps.
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