Quote from efficiency:
The specialist/market maker racing to cover his shorts with minimal participation. As a by-product he's cleaning out hard stops to replenish inventory. [/QUOTE
Just told you what the reason(s) was.
Fear stronger that greed? Cute little generic platitude. Ax dropping his bid in material increments would invoke fear. The purpose is to cover his short and/or accumulate inventory.
Leverage? Typically 70% of volume is institutional. More or less unlevered. IF there's institutional leverage it's in the CBOE or futures.
You don't even know WHO you trade against, do ya?????
And.......don't forget the opening gaps. A quick flick of the wrist.
Keep 'em coming.
