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Re: AverageJoe post# 129336

Monday, 02/22/2021 7:29:46 PM

Monday, February 22, 2021 7:29:46 PM

Post# of 224378
That's not how it works. Again, MM's don't care which way the stock is trending, and they are required to stay within their spread. If you sell 1 million shares, they might come from 10 different sources.
I Once purchased 1,000,000 shares of a company and got them in 2 traches - 999,999 and ONE share. They do that because to stay in their spread, they can only buy so many at a time. They fill the order with the largest amount of shares for the best price they can get them, then what is left over comes from less profitable sources. That's why you see such odd order sizes on L2. It is meaningless - you are only seeing tranches, not shareholder bids/sells.