Pause for concern...
It is always exciting to see a ticker rise day after day. But the nature/style of the rise seems worth considering in assessing the excitement, over one's own position and others'.
I was very bothered by the price action today. And I don't think it takes much acuity to be a little perplexed by it. There seem to be two modes that the MM's are operating in...
1) spread the BID/ASK wide, and represent very little quantity on the BID side, discouraging sells, while standing pat on the ASK, even misrepresenting ASK quantity so that new shares are for sale at the same price point even as that price point is supposedly bought out. And again, where this would normally encourage selling, the BID trails so far behind as to discourage this.
This method would be well-explained by either constant, methodical flipping in concert with the MM's, or dilution, or both.
2) When buyers fatigue of practice (1) above, the BID is brought up into proximity with the ASK, though kept at a quantity that surely reduces selling to an impractical absurdity, while nonetheless providing some increased psychological assurance about smacking the ASK. (And in the worse case scenario, this is method is really just a microcosm of what may happen to the undiscerning over the longer haul, obsessed with the ask slaps, not minding the curious lack of support.)
This happened all day long. In fact all week long.
Of course, the theory above is underdetermined by the data. One could insist that, for instance, the reason we had no sells above .43 despite hitting a buy-high of .53 is because everyone "knows" where this is going.
If that is your style of reasoning, have at it.
I like to keep a level head down here. Few do. It's profitable.
If my reasoning is in error, I'm happy to be corrected.
