Tuesday, April 01, 2008 6:18:02 PM
"Ok lets answer this question, we all agree you cant own over 100% of something, so lets work backwards foward, ok?
20% of the company is owned by insiders
50% of the company is owned by institutions.
20% is owned by Citadel
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that leaves only 10% of the shares outstanding on the float, or 50 million tops that can be short.
The short interest is 100 mill plus or 20%
That means the float available is -10%
in addition, Citadel filled a schedule 13D this week to buy more from the already negative float available
And they have the ability through options to buy more
as a result, its not a question of whether ETFC is going to be a short Squeeze, but the question is do you take a profit at $10 or $20 may be a difference of 2 to 3 weeks apart from one another.... As far as when is this going to happen?
I would say after earnings this quarter, the institutions will buy ETFC up to $6, once at $6 the fund managers will be able to commit more money, and cause the stock to go to $8 to $10 filling the gap, then the shorts will take it from their.
With over 100 million shares short and only 500 million shares available, that means 20% of the company is borrowed. In addition, you have another 20%, Citadel; of which, they own as a long position. That leaves 60% unaccounted."
Stolen Quote.
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