EDIT: No big block seen - largest was 15.3 K.
Looks like we may have seen that MM(s) moved market to $0.52 and below, now ~0.512x is current range, to do covering buys for yesterday's 547K shorted when our VWAP was $0.5209 for the day. 10:30 had 446,842 traded to that time with
10:30: buy 20.93%, sell 78.04%, unk 1.03%
So ~348K (trade vol * sell %) through then plus another ~132K through 10:37 at the 78% sell ratio yields ~480,683 potential covering buys while EDGX sat atop the bid. However, it's safe to assume that in that 10:37 159K minute the sell percentage was higher and a lot were at lower pps (meaning a lot of hitting the bid - I saw lots of "sells" below $0.52 then).
It's easy to suppose, with some small risk of being wrong, that another 60K of sells hit the bid in that minute and subsequent few minutes, theoretically meaning all the shorts from yesterday were now covered and the MM(s) are back to market-neutral and/or (will be/are) short-term long when shares from customers covering their sell orders flow into MM control.
So that may have ended the control of price for that purpose.
This supposition could be supported by what happened next?
Before 10:37:
09:45: buy 4.92%, sell 95.08%, unk 0.00%
10:00: buy 22.48%, sell 76.75%, unk 0.77%
10:15: buy 18.77%, sell 80.76%, unk 0.47%
10:30: buy 20.93%, sell 78.04%, unk 1.03%
After 10:37 [EDIT: added 11:15]:
10:45: buy 28.32%, sell 70.06%, unk 1.63%
11:00: buy 33.55%, sell 66.30%, unk 0.15%
11:15: buy 36.35%, sell 61.67%, unk 1.98%
Notice that buy % jumped a big percentage from 20.93% to 28.32% at 10:45 and then 33.55% and price is now climbing back up: hit $0.5186 at 11:02.
If all this reflects reality (odds of that uncertain, of course), we should see continued recovery and/or at least flat for the rest of the day. Most likely seems "reversion to the mean" for a good part of the day, ~$0.515xish.
Low short percentage today?
MHO, in partial ignorance, etc.,
Bill
