only 1 million short shares were covered through 7/15
that still leaves 26 million who are stuck. only strategy for shorts was to use the descending resistance line to drive shares down and hope to shake out the weak hands. but it there are buyers at the support of 37.5, that strategy is about over. so let's say they shake out another 2 million shares - that leaves 24 million shares that need to be covered and chip and institutions own almost all of those shares. i hope the shorts take it down again. i am ready to buy more, but far too disciplined to buy after a 5% day. oh, well, i either make money, or make alot more money. the shorts have their choice. make my day punks.
Perhaps the spike in bullish options is a lot of scared shorts? I still can't get over the short interest. Just go into a store, anywhere and you see a small boutique with low obverted selling piles of clothing at an average register ring of $250.