Bid and ask are what create a market. Both are extremely important components in order to establish an efficient market. Example. If I wanted to sell 100 or 5000 shares immediately and elected to use a "market order"; what price would i receive? In the same respect, if I placed a "market order buy" what price will I be filled at? This notion that "bid is immaterial" is crazy.
"Having said that, the Asks are thin to $3.00."
Level 2 clearly shows several sizable offers at many price levels between $.65 to $1.50 and to $1 there are 5926 shares offered. On the contrary, the bid price levels are much thiner.
Highest bid who (ETRF customer order) is willing to pay for GFTI is 10 cents and next price level (NITE customer) is bid 4 cents. This represents all GFTI buyers and how much they believe GFTI is worth. its not 65 cents, that's for sure lol
"We don’t know what the Bids are since all the MMs have them hidden behind 10K."
The MM are there to facilitate market of buys and sells. Any order they receive they'll position their market (bid/ask) accordingly to order information of the customer.
IF a MM does not have an order of any kind they'll move far away from the inside market. The 10K you see is basically the minimum shares they must reflect according to the market rules. Another point, a MM P/L is generated by order flow. I mm for many years and never, or my crew ever traded a stock for some wild agenda expect to facilitate an order through order flow.
Just My Opinion ;-)
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