EXEL once again moving toward declining 50 dma which is major resistance. Reversal tails off that mark on recent rallies, exactly as is expected. P&F target remains at $4. Downtrend still firmly in place but I am surprised the short interest actually increased a bit here below $7.00. Still 12.5 million shares short from over $10.00. I would have expected a healthy amount of shares to have covered in the 5's and 6's. The entity is holding steadfast and I am hoping it's just a case of greed and not something else. Maybe they are waiting for $4.00.
I would read the high/higher short count as bullish at this juncture. Yes, many of those sgorts clearly should have covered, and perhaps could have re-shorted abter the recent spike. But in any event, the shorts HAVE to close their positions and they are in no wiser a position than longs in knowing the direction. If the short position continues to hold or build, short of any material negative news on the data, any creep in the stock price will likely lead to increasing emotional presure on shorts to close their positions which is bullish (buying pressure) for EXEL.
"But in any event, the shorts HAVE to close their positions and they are in no wiser a position than longs in knowing the direction."
Yes, eventually they will cover. Question is...what target are they expecting before doing so. You are talking about a VERY LARGE bet here with over 12 million shares short at a price north of $10.00 share.
No wiser of a position than longs in knowing direction....that is unquestionably debatable imo.
Good luck. Core position near $6.00 is o.k. :)
IMHO shorts will stay in current positions through the MTC data. If it's good as most are expecting, they will cover and wait for a higher entry point to short again. Do they ever seem to go away? Only if/when the beta changes from high to low.
"Nomad:i don't know what p+f charts you are looking at but there is absolutely no resistance on charts.Stop your negativity on chart.Not saying its going up but if it hits 8 a decent buy point"
Anyone know what happened to "mj"??