Based on the trading activity, it is very obvious that NITE is in possession
of FTDs. He has been sitting on the ask by his lonesome trying to entice
longs to sell shares, it's not working out for him. Just the opposite is
happening. Folks, like myself, are buying up the shares he has for sales at 3.
Friday was a combination of buying and covering. All buys were at the ask
and the stock was up 33% on 27m shares traded. It's very obvious why the
stock rose 33% on Friday. If people were selling or bailing it would not
have climbed 33% in one day.
So to clarify, yes there is still a large illegal short position in this stock with
FTDs outstanding. When we get the up list to a higher exchange that triggers
a cusip number change, it will be very obvious again by watching level 2.
Just like it was on the cusip number change from last summer when the stock
More than doubled in 3 days due to massive short covering.
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