Look at this a little different. 30th and 15th are settlement dates. 25th and 12th are trade dates for shares shorted. Close on 4-25 was $5.85, close 5-12 was $5.33. Over 508K net shorted over 11 trading days and drop sp $0.52. Over 46K average sold short each day with average volume around 236K. Considering that reported volume is always much higher than actual shares changing hands, the short increase was huge and clearly the only reason the sp is held down. How many more shares were shorted between 5-13-27 below $5.49 with average volume around 200K for 10 trading days in period? The more shares shorted at lower prices the lower the trigger to cover. Mr. Kirks buying triggered some covering but the movement was not enough to affect major short position over $9. As posted on several occassions, shorts control sp until big news hits to break their control.
Institutions continued to add in a big way in Q1 and there is no reason to believe they have stoped. Institutional interest has increased every Q for over two years. Shorts and retail are only ones net selling and imo retail selling is slowing.
Sp is wound tight and ready to break any day. Inclined to think it will break up. Several PR's expected in June and hopefully some unexpected. Being short in a big way under $6 can not be a good feeling.
Good Luck,
Rod
Never argue with a fool, for after awhile, it becomes difficult to determine which is the fool.
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