I don't know when it will let up, but I know that MM's jobs are to maintain liquidity in illiquid stock and help large customers get in and get out at the best price. Level II and the Bid/Ask have been used often to shake out retail and MM's don't want to show their hands, which would make the price spike in the opposite direction that the want to maintain to fill orders.
My 1st gauge is to look at the direction and then the volume of each share transaction. If the move is genuine then volume and direction should be in line.
Here we have the volume moving in the direction of BUYS but little volume showing on the bid. We have large volume showing on the Ask but little volume moving in that direcion. Those big lots on the Ask are not initiating sells while the large buys are being initaited by volume that is not showing on the Bid. This is a large diversion from the perception being created that large investors want out. You can't sell in the direction from Bid to Ask without doing something illegal so the only reason I see for the MM to mask the bid volume is that he has large buy orders he wants filled at a good price.
This will continue until Retail is done selling (which in my opinion are the transactions that are moving from Ask to Bid) while big money waits until there are enough REAL Ask shares and the buys them while still maintaining the perception of a sell off. KRY is still mostly retail and an easily frustrated retail so we may have some days of this before we discover if my theory is correct.
I could be wrong but I've seen this divergence many times in KRY and other stocks and the resultant move the opposite way shortly there after not to consider it a possibility.
Interestingly too is that the 3rd update, which is fairly positive from Rueters is not showing on my news feed while the more negative spin ones are. Just another data point. I have buys in but they are not filling quickly, which I find odd in a "sell" mode market.
Good luck. I'll be interested in late day tradining.
