Morning. All trading was retail. Only 3 market makers active on bid/ask since I started trading it: NITE, ATDF and ETRF (all retail). Dilution is easy to spot because you will see one or more diluting market makers active on the bid and ask (either commonly known ones like MAXM, VERT and VFIN or less known ones like CANT, FANC and MERQ). VFIN is also sometimes brought in as an ax to control price movement when a stock is going too quickly and retail MMs need to temporarily hold the price down to accommodate their orders.
Dilution also occurs on the ask side, not the bid side which is why one or more of these diluting MMs will often put up what looks like very large bid support in order to induce retail to bid just above them so that they can later drop the bid/ask spread in order to fill those retail bids on the ask side (since they cannot sell these shares onto the bid the same way retail can). If a dilutor is present, retail MMs will often assist the diluting MM by swapping shares back and forth to create the higher liquidity needed to accommodate the dilution.
So far, I haven’t seen this on GIHI yet. Just a lot of (very) short term traders who love to sell large blocks right onto the bid instead of breaking up their orders and gradually selling into the strength on ask (you make more money this way, even with the extra commissions). Because of this, NITE always naked short sells this stock on ask knowing that he can easily cover those shares at lower prices when retail traders inevitably start dumping their shares onto the bid dragging the bid/ask spread downward toward wherever NITE wants to cover. If there was more retail buying and/or selling on the ask side, there would be way less naked shorting here and liquidity wouldn’t have dried up so quickly, imo. Excessive bid dumping always kills momentum.
News 
Market Data 
Discover 
