may just be options expiration/shorts covering?
Haven't been any options for some time on Capstone.
We always hope shorts are covering, but they've been inconsistent of late ... last few months. The long-term steady decline in short percentage seems to have petered out starting around April of '13 and has trended up 10MM since vs. the drop from 52.4MM from 6/15/12 to ~32.9MM 3/28/13.
Some months back Gilder Gagnon and Howe, hedgies long & short who had exited Capstone previously, came back in. That might account for the rise in short interest again? And CaptWhizBang just noted another hedger has entered as well.
If my take is valid, I don't think it was shorts covering because I presume they always try to do covering buys gently so as to not move the market up. Of course, they could have a large buy order in at a low price, let the market-makers do the heavy lifting by moving the market lower, accumulating, and then selling the shares to the shorter.
The same MM action could result from a large buy order from other good customers of the MMs, say a long-only institutional investor.
Either way, the buy:sell behavior for today, which I'm about to put up in another comment, suggests an MM doing some accumulation for a big buy order.
MHO,
Bill
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