pbracken....When you have a number of mm's you often get one or two sitting on the sidelines well off the offer/bid. Usually its only one or two driving the price mainly because they have some buy/sell orders.
You get a number of different types of sp activity.
*Low volume rise/fall. Volume is below daily average. the mm's arent that interested in actively trading with often just one pushing the price to level their book. The price will rise again or fall back as quickly as it moved.
*Normal volume, little movement. Buys/sells in balance with no news or large blocks to move the price.
*High volume rise/fall spike. Driven by a single buyer or seller moving a major block through the market. Once posted the price often moves back to trend.
*High volume rise/fall with follow through. Could be good news that leads to sustained multi day buying, Institutions accumulating, dips bought. The reverse is bad news selling , institutions selling, hedging.....actively traded by multiple mm's.
But the bottom line is that the price moves according to demand. Only the amount of demand varies.
If you dont understand that, you will buy fake tops, sell dips in driven stocks, buy bounces when the sp is being sold off and generally get caught in every which way.
With VOG you have volume, Institution selling and hedging....you decide where that fits.
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