Ballsy trader if you ask me. Picked up 64K shares and change yesterday 4.01 - 4.09. 306K and change shares. Will begin building back in.
It was most enjoyable reading about your adventures in the investment world. It definitely took a lot of guts to make the big bets you have made. Anyway, I wonder if you have taken a look at ACRX. Shorts have been having a ball with it and had knocked it down to half its price recently, but it seems to have made a comeback mid-day. Candlestick chart shows a bullish hammer. I''d be very interested in your evaluation if you have one.
Green, post-operative pain management is one area I know more then most on the boards since its part of my job. I can see some real problems gaining approval. Think about this, with a PCA the drugs can't accumulate & then be taken at one time or stolen since its in a closed system (Pump & tubing). With ACRX's system, I could just push the button every 20 minutes even if I wasn't in pain & accumulate a bunch of pills. Once the pain hits I could take all of them at one time or I could take a bunch to get that high drug abusers are looking for. A nurse could go around & steal a pill every 20 minutes while the patients sleep. I see some real issues with the potential for abuse.
Every time we get the slightest bit of positive intraday momentum, it is almost immediately rebuffed. The stock hasn't even seen a minor bounce in the last couple weeks of trading. What can you say? It will continue until it finally stops. To sell at $4 seems borderline moronic to me, but someone apparently is willing to give away shares at this level.
US based trading firms, use the Toronto Exchange to "hide" abusive naked short selling activity, and they settle the trades to a foreign sub exchange to avoid the regSHO reporting requirements. Not illegal because the SEC doesn't police foreign exchanges that are supposedly self regulated.
Then they reconcile every 90 days when compliance reviews happen internally and push it off the blotter. Just the way it is played. That's why the short data you see is always erroneous and outdated. You can usually add 15% to the current reported short to get a truer picture to account for all of the non-US based clearing exchanges.
Nah! Ebb and Flows. Remember when there was no options trading and the thing would get wicked crazy!? The big shorts are going to churn out HFT, Phantom and options to slowly get covered. This is what happens when the short gets to big on catalyst events and inventory dries up. They set up the algorithms to match their buy (cover) orders with open sell limit orders and trailing stop losses to get covered, hence the downward momentum.