Yes, I'm more inclined to think its the institutions with some shorts mixed in. It is very likely that smart money took profit selling the shares to retail in the 20s and high teens and they were probably the first ones to get shaken out as we went lower each day and the smart money bought those shares back. We had some massive volume days before and after earnings so its only normal we still have high volume but I think its starting to wind down overall.
Personally, I think we reached our bottom in the high 15s, low 16s when we saw what happened a couple days ago. The shorts, combined with panicked sellers tried bringing us down and the institutions stepped up, probably protecting their own positions. That signalled it was time to buy back in and created a mini short squeeze.
With the China rate hike out of the way for now, and no bad news pending, I think we go higher from here. Fingers crossed for IBD 100.
