Well someone is buying above that level. Here's what I have found interesting
1. Clearly alot of selling and large buys going through yet there have been no filings showing anyone greater than 5% yet. My last post mentioned the requirements in that regard. It is quite odd, but perhaps this has all been mom and pop retail buying, surprising but again there has been no disclosure of over 5% so?
2. I have added as much as I am willing to with this risk level (ie no ptab ruling in our favor yet). I would add if it drops below 1 but it seems the MM is preventing that.
3. If you look at the trading on level 2 during the day you will see much of what I talked about previously (other posts). In particular, watch the time stamps of buy and sell orders. Example below. I suggest all watch the trading on level 2 tomorrow and watch the bids with the same time stamps vs asks with the same time stamp. (Now that I've said it watch our MM's change it up lol)- but I had mentioned it previously as well, and it continued today. ie a 2 bids spread out at 9:30 am and an ask at 9:30 am, then at (example) 10:42 am all three change at the same time.
BIDS
CANT 0.0112 10000 06/09
ARCA 0.0111 20000 06/09
BMAK 0.0111 10000 06/08
CSTI 0.0111 10000 06/09
CDEL 0.0095 200000 06/09
ETRF 0.0091 59000 06/09
NITE 0.007 100000 06/09
You can't see it now because its after midnight so it just shows the date, but those three bids all had the same 'time stamp' as the bolded asks below. But, it's relatively impossible for three orders to constantly be changing intra day and every day at the same time. Clearly, the market maker is adjusting or a bot is adjusting automatically (algorithm).
Ask
VNDM 0.0115 10000 06/09
CDEL 0.0116 12134 06/09
ARCA 0.0125 20000 06/09
CANT 0.0159 10000 06/09
CSTI 0.017 15000 06/09
BMAK 0.022 10000 06/08
In addition, as those orders changed throughout the day they all changed simultaneously. Clearly, those bids are fake and trying to force retail to purchase above 0.0095 for certain and above 0.0112.
But that range, again falls in line with where I said their range of making a profit was.
The question then becomes, until people stop falling for that game, well they will keep doing it.
I would agree, if you want shares, bid below 0.0095 - but some seem to be ignoring that - that seems to be their 'stopper' though with that spoof order of 200k.
Reality is, someone is wanting off their position as you said (the convert holder), so why let them out easily?
