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Insmed Incorporated Message Board

  • michael_coen@ymail.com michael_coen May 2, 2014 6:54 AM Flag

    short question(s)

    Every day FINRA post the short data from the previous day/session, and which states:
    "Pursuant to an SEC request, FINRA has agreed to make reported short sale trade data publicly available" and provides a link to the "Daily Short Sale Volume File formatting guide."

    Short Volume: Aggregate reported share volume of executed short sale and short sale exempt trades during regular trading hours
    Short Exempt Vol: Aggregate reported share volume of executed short sale exempt* trades during regular trading hours
    Total Volume:
    Aggregate reported share volume of all executed trades during regular trading hours.

    *(to which the uptick rules does not apply)

    Let's take yesterday (May 1) for example:
    Short Volume: 3200
    Except Volume: 0 (that's usually the case)
    Total Volume: 3308

    Question #1. How does 3308 relate with the actual total volume of 500k yesterday?

    Question #2 (more seriously): 96.7% of all trades yesterday were short???

    Observation/Notes:

    On average, the "Total Volume" (daily) reported by Finra in the last several weeks (the last 20-25 trading days) has been below 10k whereas average "Total Volume" is around 160-190k (regardless of actual daily volume reported by Nasdaq). So it looks as though the availability of shares for shorting has dried up, and all that are/become available are immediately sold short... ie. a VERY tight elastic band. If there were to be a short squeeze, it would be a disaster (for shorts) given the 90% tute's ownership.

    What concerns me (as a long) is that whenever the short interest is sky high (and the price has been driven rock bottom) Insmed has made another share offering (at a low ball price) to bail them out.
    I am not able to make informed/reasonable decisions as an investor because I can't second guess when Insmed is going to do that (despite the evidence that suggests everyone BUT me knows how and when this is "planned")...

    IF any one can explain the Finra daily short data, please go ahead.

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    • michael_coen@ymail.com michael_coen May 6, 2014 5:05 AM Flag

      So, none of you "traders" can explain how the FINRA daily short data is working...

      May 5: short vol= 723 (excempt=0) total Vol=1238
      May 2: short vol= 500 (excempt=0) total vol= 960
      May 1: short vol=3200 (excempt=0) total vol=3308

      looks to me like either the amount of short shares available has dried up, or (perhaps more likely) shorts sales are simply not being reported (to Finra)

      • 1 Reply to michael_coen
      • Mike, about two or three years ago I actually called FINRA asking about that computation - It didn't make any sense to me. After a conversation that included questions and answers that only confused me further I came to the conclusion that the FINRA short data includes all sales other than market maker sales. JMO - I think the FINRA data is nearly useless...

 
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