If we continue to experience strong demand for the stock for the next 12 days, the PPS will rise very well. Yesterday, all orders were buys except for (1) order at 500k shares and that was near the end of the market day. Therefore, it is safe to say that the MM's naked short sold the 92% they shorted simply because MM's do not take long/short positions outside of an intraday scope and if there is an absence of bid and/or ask tapping then their ability to NNS is the only option left in their repertoire. However, since they have to cover it back within 13 days, they figured it is a safe to make a move on a company whom traditionally has traded poorly. However, if the demand continues for this stock, they will be forced to cover at the current price once the 13 period has elapsed.
Any other day I would have assumed that the REG SHO List for shorting for a given day is due to the MM's balancing of shares bought/sold through them by retail investors but yesterday was different. There were only buys and basically no sells, the only way for them to have shorted in that circumstance is to take a NAKED SHORT SELL Position which by law MM's are allowed to do in order to MAKE a MARKET, hence the term Market Makers. Here’s wishing for a very good trading week to come. Good luck to all.
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