Thank you. I've been watching L2 from other sources and it is apparent, IMO, that the SELLERS are MMs and backed by other than retail offers because the trades are frequently for more shares than the ASK position was showing. When the ASK is from retail then the trades will usually only be for the amount offered or less, not for whatever amount you request. When the ASK is from an MM and there is more inventory available then they will fill more than the stated amount offered if there is no retail price.
So, either MMs are following execution orders from large clients (offering to sell more than they post to the L2) or the MMs are selling some they had been stuck with during the prior pricing declines.
In any case, when the buyers step up to the ASK it is a general sign that we are at or very close to a bottom. If the shares being offered were coming from a registration due to convertibles then it is likely they were bought well below the current prices and therefore they don't care how many you are buying as long as you buy all of theirs. I very much suspect these SELLS are from conversions of loans. Despite what many may think, those lenders are not insiders to information about whether the mines are producing at or above expectations or not. They will sell rather than spend a moment even thinking about tomorrow's prices.
AJMO
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