It depends who you are and how you invest. If you stare at L2 all day, you will drive yourself crazy. I would assume if you live and die by PPS, you would expect NO NEWS to be the pre-cursor of BAD NEWS. Others, who understand disclosure requirements of NASDAQ, don't expect ANY news until after the fact. Prevents daily manipulation and thats a reason why the national markets are much harder to play games on. And thats a reason why NASDAQ brokers are not allowed to buy and sell OTC stocks. The Canadian Parliament just prohibited Canadian Bankers and Brokers from ever investing in US OTC stocks. There is a good reason for that.