The Joe EffectWhether it is Joe actually selling, or the influence of Joe, you can always see his power on days like this:
The level two shows no resistance at any level with very few on the ask.
Level 2 Quote
| Market Maker | Shares | Bid Price | Ask Price | Shares | Market Maker |
| -- | 65,500 | 0.225 | 0.230 | 14,000 | -- |
| -- | 50,000 | 0.220 | 0.235 | 1,000 | -- |
| -- | 54,000 | 0.215 | 0.240 | 15,500 | -- |
| -- | 70,000 | 0.210 | 0.245 | 17,000 | -- |
| -- | 32,000 | 0.205 | 0.250 | 65,000 | -- |
| -- | 120,000 | 0.200 | 0.255 | 42,000 | -- |
| -- | 12,000 | 0.195 | 0.260 | 35,000 | -- |
| -- | 10,000 | 0.170 | 0.265 | 14,500 | -- |
| -- | 4,500 | 0.160 | 0.270 | 55,500 | -- |
| -- | 15,000 | 0.155 | 0.275 | 2,000 | -- |
yet, everyone just keeps selling into the bid, because on a day like this without big money opening a position, you just know that the Joe effect will take effect and no one would ever throw a market order at the ask.