I suspect the 98K trade at .0275 was a negotiated trade by a buyer and seller through a broker outside of level 2. I know that seems strange when there is 100K sitting at the ask at .0274, but I have seen it happen before, and when it does happen it's usually because the trade had been pre negotiated at a set price. In this case it would have been set at .0275. This usually happens when the buyer is afraid buying the number of shares he or she wants will run the price up before he or she can get filled.
On another note the games the MM's play are many. That 100K ask at.0274 may have been a phantom ask. What is a phantom ask? It's when an MM will put a large block of shares up at the ask trying to make those watching L2 think that a big seller has got in the game. When you have a stock like WDDD which is off radar and thinly traded this serves as a cap and locks the stock in a trading range giving the MM's an opportunity to accumulate shares at a much lower price. Many times in the past(not WDDD)I have tried to buy large blocks at the ask and the instant I enter my order a trade will show up on level 2 for the exact number of shares I was trying to buy, but my order won't be filled. Sound fishy? You betcha! I noticed a while ago CDEL had 100K at .0265 ask. Those maybe real or they may be phantom. The only way you can know for sure is to put an order in for the entire block and see if it gets filled.
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