With average daily volume of only about 435,000 shares, it would take over 80 days to cover the short interest!! I counted the total shares traded from 12/3/10, which was the first up day after about 1 week of dropping stock prices. The total shares traded from 12/3/10 is only about 11.5 million shares. And you know not all of it was short interest covering !! The bottom line: There is AT LEAST 20 million shares of short interest that needs to be covered, which is still 40 days of average volume to clear out!! This is a classic short squeeze. THEN Barron's publishes a BUY RECOMMENDATION recently which made short positions even more nervous !! The Short positions will want to cover before the Holiday weekend and end of the year, so this run ain't over !!
You must get your news from FOX.
All these lies about 35 million shares short (out of 88 million), the shorts must be covering, etc. What a waste of time.
Get some facts:
Short interest @ bottom of left column.
12/31/10 short interest went UP to about 7.5 million shares!!
The pressure to close out the short positions is even greater than 12/15/10 with short interets less than that.
Trading on the ups and downs as long as the short interest is high is working nicely.
It is amazing that from 11/30 to 12/15 only about 200,000 shares were covered.
(google: "Nasdaq short interest"; enter: DOLE)
Next Nasdaq short data should be out at end of this week.
The past 2 weeks has seen a surge in volume and surges of upward price movement. Must have been a lot of short covering the past 2 weeks.
I'm still buying on dips and selling on any surge. Don't have the guts to short on surges yet. If the upcoming data shows a huge drop in short interest remaining, then maybe time to short on the surges.
On the NASDAQ website, which shows short shares volume, 11/30/10 was the last data for DOLE.
So we have to re-estimate the remaining short share volume based on the 11/30/10 date. I bet it is less than 5 million after today's 1.7 million trade volume.
Also, the price surge and drop today was a classice short squeeze pop-and-drop.
Once the short share volume diminishes further, there will be no buying pressure especially with the dismal earnings record and prospect.
I predice the price will drop like a rock pretty soon. Time to short it on any run up.
Where did you see that or is it just a guess. I have been looking at the block trades and they have not been that many. I may buy some more shares next week, however if the market dips I think so will the bid on Dole.
7 million shares still short as of 12/21/10 is still about 15 days worth of average daily volume.
If the price continues to climb well above $13/share, get ready to short DOLE in about 1-2 weeks.