Someone big has been accumulating this stock lately
This is not short covering or even basing. Someone over the last 3-4 days has been accumulating this stock right around 7. Watching level 2 quotes real close and large bids just over 7 have been posted. Dont think it is related to option expiration either.
Don't know how to really know that real time. But its a good point that people and institutions are buying what people and institutions are selling. Options expire in two days. Not very much activity in options of this stock. I really think that a lot of shorts must be covered by now because what happened to this stock is THE reason to be short and the reason to cover. I am interested in Mondays action which I think will bust through $8.00 which is where I will sell all the new buys I made last week (1500 shares). I'm still long ~15,000 shares. Bought and sold 1500 last week for a ~12% profit so I'm waiting for Monday for another 10% gain. Small victories in a larger war.