Unless that was dilution we saw the other day, my belief is we are still at around 540 MM (537 accoring to the web site and previous conversations with John.)
I'm struggling with that spike in volume this week however. It was mentioned on this board this week that in the past dilution was in the form of T-Trades. This activity was clearly different in it's pattern. And, it was done with many lower volume trades. Was that a MM repurchasing for his/her position? Was it a newcomer purchasing someone else's liquidation? Note the lack of pps increase.