I to have often thought some of the volume was phoney. Perhaps to boost volume and allow the short position to still represent only 10 trading days to cover. Only the short knows how deep he is really in but after almost two years of being whipped around I suppose most shares are in the hands of stable holders. I feel any real turnover in ownership will only take place above $20.00
Yeah, I know StockOperator98 understands this much better than I do but it is still a mystery to me how, as rjalexand says, 90% volume is based on 3 trades. If Microsoft had 60 million shares trade in 3 trades (90% of average), I think it would be on the news. While maybe it isn't too relative to MSFT, it somehow looks like 'borrowing from Peter to pay Peter (instead of Paul).'