we could get news at any moment, and the market knows this. NITE knows it. SPLN knows it. they have all been shaking the tree as hard as they can, hoping to accumulate any shares they can find.
the same intraday pattern is repeated over and over here, yet some continue to fall for this trick and take the bait: early walkdown, bid tapping with 500 shares (sometimes 1k shares) during the session to flush out sellers, then about 2 mins before the bell they let up, just long enough for someone to pop the ask, but not long enough for any bid support to build. this is a key part of their strategy.
it allows them to wear out the bulls over a few sessions while the chart stays intact. then, when the big news hits, or when the bulls get fed up and start hitting the ask hard, they suddenly stop manipulating the pps and let the stock run.
lather, rinse, repeat... lather, rinse, repeat. wash out the weak hands.
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