refer to my earlier post. option market makers were buying shares up to $20 because they needed to cover. they lost money on this. buyers and sellers lost money on these option trades. the stock market makers are the winners, capturing that spread as the option guys get screwed. not enough stock liquidity to handle 10k open interest.
they usually have to cover before 2:55 as liquidity get worse after that, and it's a friday. you can see their buying ended then, and then we receded back to where it should have been. trust me, the short option guys werent happy either. when we are trading 19.9 they need to own 35 shares per option, $20 on the spot, they need to own about 50 shares per option. if we are trading 20.05 with 5 minutes left, they need to own 70-85 shares per option. with 10k options open, they needed to buy 250-500k shares from 245-255, and were racing each other. that was the exact cause of the phenomena.
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