I think it is because the volume is low and there are a few MM's who are just playing with the EMA's. I just put in an order to test this theory. I put my buy order in just above the bid. 1,000 shares for .294 - and no more playing around has happened since. EDIT UPDATE: We'll see. Now there are 3 bids above me. I think I am on to something !! EDIT UPDATE AGAIN: Those 3 bids were filled, mine has not been filled but not showing up on Level II. But it appears they don't put on Level II unless minimum of 2500 shares.