The day started off with all buys, and on amazing volume for CHBO of 2,245,677 there were "only" 379,227 more sells than buys for the day. Were the MM's shaking the tree, taking out the stops and causing panic selling in order to cover their deficiencies?
From at article at "Financial-Spread-Betting":
"A sudden bout of buying may force a market maker or all the market makers to become short in a stock. They may find it difficult or impossible to find stock to cover this short. In this position raising the price will simply lose them money and what is more encourage more buyers to follow the appreciating share. It is after all a common belief that one should buy what is going up and that the 'trend is ones friend.' Whatever the case this is clearly not a kind position for a 'short' market maker to find himself in. In this instance the Market Maker will drop the price in the hope of creating sellers from which to cover his awkward position."
