I have noticed the following on both Level II and Time and Sales. I'd appreciate any comments from experienced traders: It's a thinly traded stock (<200000 per day). On the ask sits someone using btrd. 4 days ago he showed 1.10 on the ask, and although about 150000 were traded at 1.10 he never moved. then because of a few hundred shares, the price fell to 1.06. So now btrd moved to 1.06 and stayed there for the rest of the session. The same happened the day after: he started at 1.06 and although 150000 shares went thru on the ask, he never moved. later in the session he moved lower to 1.04, and so on. This has been going for 5 days now, and the stock is at 1.00. What I don't understand is this: If he's long and wants to sell, he could easily have taken the price up and get a much better price. If he's shorting, then why not throw a big chunk at the bid. He could easily have taken the price to 50 cents if he wanted to. It seems as though he just doesn't want the price to go up. Is it possible to interpret what he's doing as bullish? Any ideas?