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McEwen Mining Inc. Message Board

  • thu346 thu346 Dec 7, 2012 11:21 AM Flag

    Short interest

    increased to 10%.
    never in my trading life have seen that strong short interest on the stock.
    I just don't know if it's good or bad for MUX
    Good: stock s/p will have a nasty, crazy upside trend if those short shares buy to cover.
    Bad: the shorties must know something we don't know betting the s/p will be super low to make profit.

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    • Probably from the rights offering. Institutional holders and hedge fund sold the shares short on news of the rights offering. They will deliver their acquired shares to cover the shorts. It's called selling short "against the box" and is common practice to lock in profits. There won't be any short squeeze, since they are delivering newly issued shares to close the short. There also won't be any further downside pressure (from these shorts, anyway) as that occurred during the last 3 weeks when they put the shorts on.

    • thu,
      I'm with you. I've been scratching my head on the short situation for so long. Naked shorts are having a wonderful time shorting without real money...So where does that leave the average joe like us. It's a big pool, but as you said there may come a day when everyone heads for the exits and wow, what an upswing will that bring. Someone once said it would be like everyone trying to get through a keyhole at the same time. I'm hanging on that reasoning, that it will happen and by faith I'll be in on it.
      Take Care-GLTA
      Go2

      Sentiment: Strong Buy

 
MUX
0.9525-0.0575(-5.69%)Dec 19 4:04 PMEST

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