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Thursday, April 12, 2018 12:42:55 PM
I would say 90% of time, pps stays at the bid price, not at the ask price, another word, 90 % of time PPS stays at the lowest level.
Some may say why they do it? Simple answer is they wants push it down to whatever level they are comfortable to buy, buy, buy and drop at higher price for profit and do it again and again. Some MMs trade daily bases - systematically trade and few cents here there will adds up at the end of the day, especially if they are working on multiple stocks which they are.
Look at lv2, see how many 100 shares out there. Ordinary investors, even tiny retail guys not trade less than $200 worth stocks, they may do several hundred dollars.
If they want to stop PPS to going up, they put in bid less than sitting in price to set the wall and carry on following action to drop it. On those slow trading days, they are completely controls PPS action. Sometimes they bring it up little to encourage day traders to sell.
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