Actually it does mean something, but we'll get into a discussion that is not really stock specific but overall factors of short interest. Why I said people just need to do their own DD on what those daily numbers actually represent and what is missing. I was attempting to stay with the issue of the daily short numbers of SNGX. We are really talking about two different aspects here. I'm not saying "shorting" doesn't happen, it does, but to any amount that would have anything to do with manipulation by MM's or anyone else is non existent here. The bi-monthly is about the only thing one has to get any "snapshot".
But one can't get any reasonable "snapshot" from the daily due to that many of the numbers are just the first leg of the trade. There is always daily traders, but even then in a stock such as SNGX, it's a little rough playing the short game with it during the day. One still needs to find the shares to short (not always available if at all and definitely not with just every broker), have to have the regulation margin account, pay more fees, etc, and support $2.50 a share on a nickel stock with high risk vs rewards factor. Just turns into a fools game.
There is nothing here with SNGX that is going to support any high enough volume during the day to enlist the idea that it will plunge in pps enough to make any reward worth holding up the kind of funds to do it, during the day or not. Why shorting is pretty minimal with any penny stock under a $1 or without at least with some sort "death spiral" or "toxic" Convertibles attached to it which SNGX doesn't seem to have that I can see.
SNGX is less than a nickel, one can go play some options and would have a lot less hassle and more profit, with less risk and less money on the line or just play it long. Just too many other avenues to put smart money on than shorting SNGX on a little bit of volume and low key news during the day.
I don't think we're very far apart on our schools of thought, I was basically trying to put attention to the fact that ascertaining "shorts" from the daily list are just pure garbage and directing to the bi-monthly because that's all that's really available to get a "snapshot" of anything about "short interest". Hopefully in our age of technical advancements that information can become more clear and more often than twice a month. But still have to deal with the DTC, NSCC, T+3 days, and the enormous amount of trades going through every day, so how they are going to improve on those issues is going to be interesting.
But still, shorts are not any issue with SNGX and to try to make some issue out of the daily numbers is just folly. Risk with this stock is attached to the market sentiment and whether or not it will be perceived positive or negative to the business of the company. Just like any stock, specifically a penny stock, there is risk. Not too much if any at all of smart money will be shorting it though, just not worth the time or money.
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