Someone may need to confirm this for us, but I believe that when a company does a buyback, they have to buy at the bid. In theory, this would have downward pressure on the price, correct? If no one sells, then they cant buy shares at the bid, correct?
Of course it should only have downward pressure while they are in the act of doing it, but when it is done, the L2's should appear thinner, allowing for a lower amount of purchasing necessary at each tick to move to the next tick, am I correct in theory?
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