Have we reached the era where algos can track the order book, track where market orders (& marketable limits) traded: how the book has changed in response to said trades, and scale the markets in the hunt of stupidly tight stops ? I mean; algos limit orders are always on the move, where as "the dumb money's" orders are just static and so they are totally visible... ...especially if those static orders are already/become badly priced. Simply put: Are Current Market Making Algorithms (Globex) just making a market ? Or are they also "flexing" the market to shake retail out, and essentially, swing trading the markets themselves for more than just the spread ? I'm thinking in particular of the NYMEX energies complex.