Today appears to be the LAST GASP of the massive short squeeze that has been at play with APOL. CECO seems to be retreating in profit taking moves as would be typical of a stock that isn't as heavily shorted as APOL.
It is likely that APOL will follow CECO with a retreat/retracement that is perhaps more substantial. There's a reason why APOL's short squeeze has lasted 4 days:
As anyone who has had a margin call knows, brokerages usually give you 3-4 days to wire in funds. Today is the 4th day of APOL's short squeeze, so the short-cover buying activity will most likely evaporate tomorrow.
Here is the sequence of the recent short squeeze as I see it now:
---DAY 1, Thurs Oct 24th - 28% rise caused brokerages to forcibly liquidate some short positions who had too much exposure and not enough equity in their accounts.
---DAY 2, Fri Oct 25th - A further rise when brokerages called in other short positions and forcibly liquidated the rest that didn't get forcibly liquidated on Day 1.
---DAY 3, Mon Oct 28th - The remaining shorts who were not liquidated FORCIBLY by brokers are the ones who were given 3-4 days to wire in funds. Those that didn't get funds wired in by the close on Monday saw more forced margin call liquidations. That explains the huge jump trading volume in the last half hour and a surge to $27.95.
---DAY 4, Tues Oct 29th - Final day of margin call liquidations as shorts who didn't get their money in on Day 3, were seemingly immediately liquidated at the open. The stock shot up to $28.91 in the first 8 minutes of trading from a close of $27.95 (no news on the company to explain the rise).
As Day 4 of the massive short squeeze comes to a close, the stock is fading into the close -- evidence that the short cover buying activity is depleted. Market makers know this (they have access to the limit-order book).
Thus concludes the anatomy of an absolutely CLASSIC SHORT SQUEEZE...