That dip was sharp today because it was design by the MM to trigger all the stop loss orders that he could. There are not many shares for sell, so the only way the MM can get shares is by this method. He can see the stop orders.
I had a stop loss order set yesterday, at what I thought was low enough to be somewhat safe. The MM drove the price down to it, but I closed the order just in time before it was triggered. As soon as I did that, the downward pressure stopped. I guess there were no more visible stop order.
Today I had a stop loss order set at @6.65. The price was driven down and the shares taken. I didn't cancel the order in time. Just look at 9:56am on the daily chart you can see that little spike down to take my shares. Then there was a temporary spike up, then I guess the MM saw more stop loss orders down around $6.50 and proceeded to drive the pps with those 100 share lots to take out 6.50. The low for the day.
That is the danger of using a stop loss on a fast trading stock. I seen this action many a times over the years.
