How often are short interest figures released and can anyone provide a link? This has the clear signs of a short squeeze, but with huge volume the past few days, how many shorts are still out there is the question...
i'm not knocking that... just saying daytrading is a crap shoot and the tape since my post makes the point. That said, i play, too... ge, big oil, the dry shippers, and the remaining brokers have been a hoot of late.
What is happening is that big holders want out. So they juice the volume, squeeze the shorts hoping for a blow off where they can unload. Very profitable unless you get stuck with the bag when it pops.
The way things are going (7MM shares/day) - 6 MM shares over normal trading volume per day, it will take 7~8 days like today (trading volume 7.9MM shares) to cover all short position.
By the way, today's volume > 7.9MM shares is huge and judging from cash flow of past 3 days, the buying(short covering) will likely to continue. The short covering activities were extremely strong amid a huge market down day, makes me wonder what compelled the shorts to cover today? Maybe the owner of shares they borrowed want the shares back and the shorts can't find other source to borrow?
According to Nasdaq website, Institutions owns > 97MM TPX shares, a LOT more than the company's total shares:
That means lots of shares owned by institutions have been borrowed and short sold to other institutions. If some of the big institution owners demand to get their TPX shares back, the borrowers will have little choice but to cover their position. Right?
as we said on the other board, the smart money covered in somewhere below $10 on the first dip. Our reentry buys down there, and subsequent adds sub $10 as discussed on the other boards have proven fortunate.
Keep up the thoughtful posts here guys... and keep the dbags on ignore.