My sensing of the drastic surge is the effect of "force" buying" to cover for the short as contract period is up. Half a million of it... must really hurt. There are more short interest for tomorrow that needs to cover.
bjohn: Don't know how much you lost, chances are high you will recover some back on snss. If you are new to biotech, i recommend you get out before P3 ends. snss will give pr on when they expect top line results. Or hedge with 10% on top line resuts and sell the other 90%. That 10% is supposed to be your house money. 90% already profit as early bird. Track and follow up on snss. Don't fall asleep on the wheel. You should come out fine.
think most shorts have covered,dec 7 803000 were short for that day.today it was 22000.contradicting that is this.Symbol: SNSS
Exchanges: BEX, PSX, ARCA, ATDTMBR, NASDAQQ, NYSENASD, TRACKECN, CSFBALGO, CSFBCROSS, CSFBTMBR, CSFBPTMBR, DARK1, DRCTEDGE, DRCTIOI, ISLAND, JEFFALGO, LAVA, LEVELATS, NITEECN, EDGEA, BTRADE, NSX, BATS, BYX, CBSX, ISE, IDEAL, CHX, IBSX, MIBSX, NASDAQ
those are shares available to short.all of which leaves me confused.partnership.
here is the other reason...Sunesis Pharmaceuticals, Inc. (SNSS
) is currently rated as having
Accounting & Governance Risk (AGR®), receiving an AGR score that places them in the
among all companies in North America
rated by Audit Integrity, indicating higher accounting and governance risk than
4% of the other companies.
The short covering is part of the factor. The other factors are a STRONG BULLISH SIGNAL from approaching the 200 dma. Then you have a strong trend on RSI, strong trend on MACD which is above the signal line and zero. SNSS has a strong balance sheet with enough cash to last 2 years out. Already above 10 dma and 50 dma. 50 dma is already a bull signal. It gets stronger above 200 dma. Will cross 200 dma and will break out too to more upside.
Mcc>Why would they choose to cover A/H?
Because they wanted to give themselves the benefit of doubt. They were hoping to see it coming down, but its not working. Instead it is approaching the 200 dma and when it crosses that all hell breaks out to the upside. Some shorts have jobs, and they can't pay attention the whole day the market is open. As soon as they get the info they are in a hopeless situation, they throw in the towel at A/H, rather than get killed in the regular hours tuesday. snss is already above 10 dma, above 50 dma which is a bullish signal. A crossing above the 200 dma line is an even stronger bullish signal and will cause a bull stampede. Shorts know that and they prefered to cover as they are already bleeding and losing hope. To make matters worse for shorts, the 200 dma crossing will get even more investors/traders interested and this will cause either a high gap tueday or a long white candle.