In the past few days the volume was low.
Yesterday the short interest was showing the shorts increased on 5/31 to 16.4 M
Days to cover 10.8 business days
Today the Volume is big 2.65 M
Wonder if shorts are covering (from days to cover)
Last 2 days the stock market is down, today by 126 points.
I hope we bounce back by Friday
It's all purely technical. Velt broke 1.70 support and now it's testing it's 52 week low (which is also it's all time low). As a long term investor, I don't really care about "price action" (ludicrous term). Traders will drive it lower until a new support level is created and all the while I'll be buying shares cheaper and cheaper.
If I manage to get 100k shares under $2 cost basis I can just sell calls on them and relax until 2014.