OPEX whipsaw: how MMs make money

Today's options expiration is a great example of how MMs make boatloads of money on opex:

1. First MMs drop SPY so they can sell FYN XF (Dec 110 SPY Put)

2. Then they ramp it back up and sell it back for uber profit.

3. Then they drop SPY one more time to suck in some more put buying suckers

4. Finally they ramp SPY up to 110 so all the put buyers get hosed. The sellers buy their positions back for 0.01