With all due respect it goes against all reason to short a stock at its lowest in years... but once these high volumes come down you might be able to cover. I would not short this again...
A rally on no news or announcements. Two days... the first could have been speculators or some with insider information and the second day could have been copy cats. The truth will be known in the days ahead as some of the new stock owners become acquainted with the financial information and the sky high trade volume gives out to the otherwise normal.
I personally do not know what to think anymore. Management has made it clear that with the Baltic index at this level they are going no-where and the only thing left is the question of how investor friendly will the issue of those preferred be.
With out an underwriter we do not know that the issue will even be subscribed. If they raise $20 million and add it to the $10 million that management threw in last January that will buy them until next year at best.