Shorts covering does not lower the PPS, unless someone is selling to them on the BID. If we experiencing dilution right now, then your theory of dilution driving PPS down holds weight.
In the absence of dilution and/or profit taking, and like I said earlier my belief is profit taking is over, based solely on quick scan of the chart, then shorts covering should produce buying pressure on the ASK driving PPS up.
We need to find out if the O/S remains unchanged or if Steve is diluting again.
All IMO.
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