This is what is known as a short squeeze. Mid to small-tier Bad Boys have been very bad, and have sold a bunch a stuff they didn't own. Doing so trashed the neighborhood, and caused a few of the major real estate holders to cough up their holdings, which was the bad boys whole point, cause then they could buy back what they sold for cheaper than what they sold it.
Remember when ur mom would tell you "be careful who you hang out with?"
Our bad boys hang in clubs, and they follow a few big mafia-don type whales. Trashing neighborhoods is always so much more effective when they do it together. But the whales play their own game too, and sometimes that game involves suckering bad boys into trashing actions, while they surreptitiously are backing away from their own mega short positions.
When all the bad boys are comfy and holding the bag, the whales go long, and laff their butts off at the carnage, while making big bux in the options market.
Short squeeze. Remember it. Remember what it looks like. This is *not* the masses suddenly discovering the hidden gem in PM stocks and piling in. This is just local gang warfare, and the big guys reinforcing who the top dog is.
Mcewen spoke today in Toronto.
He is also speaking Thursday at an analyst meeting for Stifel etc,
Obviously today he must have given a similar presentation that he is going to give Thursday and it must be all good news..
(I am long 10,000 shares).
Wolf thanks. I have been in/out the past few months on spikes and dips, but am LT long. I missed the spike today. I watch your TA closely on SI board -- any chance of a downspike coming to allow an entry point?
Sentiment: Strong Buy