I think the recent short offensive is about to collapse and head into retreat. They have blown a lot of powder in the last few weeks on hopes that the broader market is about to meltdown and take this lower. That meltdown has been postponed and I think their powder keg is almost empty. In fact I'm betting on it.
I also think that worldwide inventories have changed little in the last three or four years and that less efficient competitors are beginning to fold like tacos. This suggests that an inflection point is nearing or already past. My money is in the Jan $8 calls.