Follow on to help me keep track of short data.
"Look at this a little different. 30th and 15th are settlement dates. 25th and 12th are trade dates for shares shorted. Close on 4-25 was $5.85, close 5-12 was $5.33. Over 508K net shorted over 11 trading days and drop sp $0.52. Over 46K average sold short each day with average volume around 236K. Considering that reported volume is always much higher than actual shares changing hands, the short increase was huge and clearly the only reason the sp is held down. How many more shares were shorted between 5-13-27 below $5.49 with average volume around 200K for 10 trading days in period? The more shares shorted at lower prices the lower the trigger to cover. Mr. Kirks buying triggered some covering but the movement was not enough to affect major short position over $9. As posted on several occassions, shorts control sp until big news hits to break their control."
"Short interest for latest report period, 5/13-27/08, increased by 283,000 shares to 7,500,262. Total volume was 2 million traded with average volume of 200,000 and 28,000 shorted per day. The sp dropped $0.26 for the 10 days, from $5.33 at close on 12th to $5.07 on close the 27th. The trading range was $5.49-4.86. Today was last trading day in this period and the close was $5.46, up $0.39 for the 10 days with the volume just under 3 million. The next report on the 24th will be very interesting. Did the shorts shake out enough retail to cover any or did they short more to prevent the break-out. My guess and only a guess is short interest will be close to 8 million and were unable to hold price down."
"Latest short interest from 5-28 through 6-10-08 is up almost 300,000 to 7,800,164. An average of 30,000 sold each day with total volume under 3 million. The current trading period closes tomorrow and as of today the average daily volume is still around 300,000. Mr. Kirk started buying the 11th. Tomorrow we will know if Mr. Kirk continued to buy this week and if shorts can keep price below $5.46. We will have to wait until July 10 to see how many net shares shorted for this period. My guess is over 400,000 between $5.24-$6.17."
Well, they fooled me. Short interest 7,954,554 and only up 154,000 from 6-11-08 through 6-25-08 so someone else was selling to Mr. Kirk. Price closed $5.46 6-10-08 and $5.58 on 6-25-08. A lot of people or an insti or two got out below $6 in order for Mr. Kirk to buy that many shares and only move sp $0.12. Since today is last trade date for this period, it will be interesting to see how many net covered between $5.58-$7.49. I have a hunch but can't make a guess on up or down. I saw a lot of what I think was shorting but no way of telling how much of buying was cover. Yesterday close and today's open were telling imo. Around 190,000 shares to drop from $7.10 to close at low of $6.70 and this morning 30,000 shares to rise from $6.76 to $7.10. The selling has looked like desperation to hold price down and not selling to gain the most proffit. The close today did look like shorts trying to cover and this is a critical price range before they really feel the squeeze imo. Another strong day and a full retrace over $10 without news imo. With big news we break $15 imo. Roth and Bream should update their recommendations and targets after that happens {:)}
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