I agree with your read as well. Spikes up are nice to see, but like you said as well, I would prefer to see a steady increase in share price. Big spikes will always be faded by sells and shorts. I have been long since August or September. My position hasn't been big enough to really trade around so I have basically just accumulated along the way.
PS. I am no longer on a trading desk (was basically a glorified day trader, mostly executed orders for a buy-side desk. Just did an insane amount of volume for a time.) I am still in financial services and a registered rep but have nothing to do with the trading side anymore, haven't since '04. I am merely a spectator and an investor in TKO hoping this works out. Most of what I learned about this company I have learned over the past year reading this (and yahoo) board, people do a great job of conducting their own due diligence here, great to see.