Yes, that's true. Sold 1st, but covered? Yes, the Market Maker may & usually sells first to meet (and make) the market and/or fill demand. But what rstar may be implying is... >> How much throughout the day did the market maker buy back stock and cover? I still believe in rising market, the (naked) short volume is higher than many believe. It's just my opinion. It's how they play this game (as described in previous posts).