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Wednesday, August 10, 2011 6:08:44 PM
On Level 2, here's what happened in the course of 3 minutes: the price dropped from .006 to .005 on volume of 150,000 shares...one order for 100k at .0058, then one order for 50k at .0058. The next order was filled for 120k at .005. I can almost guarantee you all 3 of those orders were BUY orders.
Until significant buy volume comes in, this is what the MM's will continue to do with this stock. It's unfortunate, but it's reality. Only in the world of penny stocks (and thinly traded penny stocks at that) can market makers utilize BUY orders to actually DROP the price almost 20%.
Bid sitting also does not help. As long as buyers keep sitting below the bid and not moving up there price to the ask, we'll continue to see these types of days.
With all that being said...congrats to whoever picked up the ridiculously cheap shares!!! : )
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