XLT - I generally agree with your reasoning, but shorts who fail to cover are no different than the many longs with unreasonable expectations about the share price. In the end, its greed and ignorance. Remember, most folks who like to gamble do not have a casino nearby. So many turn to the stock market.
Like you, I believe JJ will eventually get to the 5% running royalty rate. But we still have a long wait; more leaves will be shaken from the tree during that wait. And don't forget that once all of the dispositive motions have been ruled on and the final orders have been entered, the shorts will use the imminent appeal as their next big stick to add fear and uncertainty. The only possible event that will serve to really stick it to the longs in a favorable settlement.
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