I'm starting to put all this together now. Despite the PPS dropping with CDIV, the NSS aren't doing what they were intended to do, which is induce panic selling. When the PPS drops, people are still buying, even if it's only a little bit at a time. They can't put it in a tailspin, which means they can't counter the buying pressure. Even a drop from 0.71 to 0.25, or 0.13 to 0.01, is inconsequential if they can not force a max exodus.
So basically, the MMs are in a precarious position because, although they can gradually drop the PPS, they don't control the buying pressure until they control the fear. The vulnerability for them is volume, which has been displayed a few times now.
Bet on the jockey, not the horse.
