The MMs are walking it down when a retail seller is trying to get out on the bid. That would make the note holders not as much money, as if the retail sellers order was processed on the ask. The MMs can fill at any price they want, bid or ask, yet they processing that trade on the bid... so it makes me wonder if note holders are selling or if they're still holding for higher prices... those new names we saw last week were a trading group imo. Notice how many of them disappeared. I think note holders often times sell on the way up, not just down.
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