Gersh, When I was doing some buying/selling of Cortex over the last week, I noticed at times unusually high amounts of shares simultaneously at the bid and ask (15-20K or more on each side). Usually the amounts at the bid and ask for Cortex are in the 1000 share range or less. I assumed this unusual activity was related to the warrant shares.
What I don't understand is - if there is a sizable block that is being disposed of, how do they concurrently get the bid share demand higher also? I assume it's the market maker doing this, accumulating enough buy orders to try to match the sell orders. Anyway, the process seems to enable the shares to be disposed of without immediately tanking the stock, but this periodic activity seems to drop the stock anyway, just slower.
Any idea how the market maker accomplishes this? I know if I tried to sell even 10K shares at once under normal circumstances, the stock would tank big time. So how does the market maker get a roughly equivalent demand on the bid side to enable these large blocks to be sold? Can the market maker work in conjunction with certain large buyers/institutions to get these blocks across? Thanks for any insights.
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