I don't know about shorts being in a panic, since they made over 50% gains from going short a few days ago in the $4's, while longs are up 15% (only those buying below $2). ;-)
That said, the short position on SPEX is miniscule and they are covering with gains the past few days. Congrats to them, and I am very sorry to the longs going long or longer in the $3 and $4s and now down over 30-50+%. That is going to hurt in many many ways.
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