Sip; Right on; I see trading range 10-11, with good support at 10, and a breakout at 11-1/4 or 11-1/2..if it happens with volume, then
she go to 15 fast.
AS of last month 3,214,638 shares were held short..they have to
cover sooner or later. That's about 5% of her float, not a huge
amount, but when you go to cover that much it can get crowded
at the door if there are no sellers..and it looks to me that most
of thoes who wanted to sell already have. My guess is half her
more recent volume is competition between the shorts, brokers
who hold an edge by shorting high, are generally on the top of
that totem pole, when you go to cover they cover theirs first,
if she pops up, they then re-short at a higher price to a
short that is covering, this game runs much like a rummy game
but the brokers and market makers hold the high cards, but thiner
short positions, ( less cards in hand ) as they see the short
interest dwindle below a certain point, they then cover just
ahead of any outsiders, take a long position, and sell to a
ready made market ( were the buy stops are )..my guess is stop
losses are around 11-1/2 and that should trigger the break out.
Jim
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