I was trying to short some of my shares because I expected SNTA to go @40 cents lower and did not want to sell.
Etrade would not accept 10K shares to short because there were none to borrow.
An investor(this is the sum of all investors with SNTA stock using margin) has to be using margin for their shares to be borrowed.
I repeated with just 3k,and my request was rejected again.......no shares to borrow......even though I was using my shares and am not margined.
Bottom line is that there are no shares for the shorts to borrow.
They have run out of ammunition.
The only downward direction would be for investors to sell on fear.
With that being said......the shorts should not be able to borrow more shares to force downward movement.
IMO.....SNTA bottomed at $3.94.....today's low.
We will see what happens over this week
Correction on my thoughts with shorting............I had margin ability but was not using my margin
If you are set up for margin,your shares can be borrowed.
I have not used margin because of the absurd interest cost.
I have eliminated my margin because I do not use it.It takes 24-48 hours to take effect.
There are no shares left to be borrowed against shorting and the only way for SNTA to keep falling is investors/traders with stop losses or fear selling.
I would expect shorts to cover,knowing they can not drive the price lower