The blocks have been coming out of the woodwork lately. Given that the short interest has declined much relative to the sell off, look for the stock to continue to be flat to down as the short term buyers work their way out of the positions. At best the new resistance is $3.55, down from the $3.70 level.
Really? The short interest has been declining for weeks. Hard to see aggressively shorting more shares here. Maybe not covering but probably not adding to a short position. We'll see when the mid-month short data comes out. Easier to see capitulation, since almost every purchaser in the last two years is underwater. Long term holders and CIGAs are being flushed out as the stock tanks.
Who was buying over the last two years? Close to 300 million shares traded or 4x the float. Guess they were all day traders. Must be them selling, the weak hands. They must have lost patience waiting for the Hale-Bopp comet to come around again and bring the gold.