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with todays news and volume [900k+ 10:30am] could we be seeing a little short covering?
I don't think so. An upgrade without news will never scare shorts as analysts have been known to upgrade for self serving purposes.If volume was to pass 2 ml. and price climbs w/o reversing then you have short covering. This is only the new rating news moving the stock.
Action like this on a red market day should make any short trigger that cover.