Went up on what was seen as positive news, followed by profit taking and some shorting. Continues to sell off from double digits and holds mid 5's.
As the mid 5's hold, I suspect shorts did some covering along with some buying and the stock runs to 6.39 per share.
In my opinion, the move up, move down and move back up is about as easy a trade as one could ask for, if you enjoy trading long & short. The ones who get eaten alive as you put it, are the ones who more often than not, trade in & out with full positions rather than scaling in/out.