Great technical day. We broke out 5 days ago on higher volume. We pulled back and tested breakout on lower volume. We broke through our 4 day down trend on higher volume today. Not much in our way to $3.50. $3.50 would be more than enough to break our 7 month downtrend.
As they should. Looks like a major bottom is forming. The daily and weekly charts look poised for a breakout to the upside soon. The downtrend is loosing steam and the longs have been quietly accumulating. Once this bottom becomes more apparent to the eye, watch this thing fly.(It will be a longterm double bottom). Rightly so, it needs to catch up with the speed of the turnaround. The MTV video awards contest will bring even more longs into the stock as well as customers to the stores. Thanks for posting the short info.
We should see $3 this week. Shorts are in a tough place, they HAVE to cover. There's not choice. This thing is going up. They're probably slowly buying back shares. I've been on the other side before (on different stocks) it sucks! Glad to be long :)