From the first chapter of DeepCapture

This is from a website set up by the Overstock guy burned by naked shorts. Some great stuff about how the market is manipulated.

In the case of KXL, it doesn't appear to be via the news. However, I do see KXL iceberg orders that appear to be placed by manipulators to create favourable conditions for the opposite trades. That is, they iceberg a sell, so as to buy.

For example, I think I see a pattern where when people want to accumulate cheap shares, they first temporarily push the market down with a big sell order (10k or 20k may be enough), and then they put in a big "iceberg" sell order just above the new bid/ask gap. Of course, they don't intend to sell their iceberg at all - it's just a backstop, an artificial price limit.

Anyone else, the retail public, wanting to legitimately sell now has to price their Asks just below the iceberg price, and these asks are now nibbled away by the accumulator as quickly as they appear.

I can see that I've been annoying the Accumulators when I buy the shares that they've set up to nibble away cheaply.

I wish I knew more about it - I constantly leave a few pennies on the table because I'm buying for the long term.