Longs won't sell, Shorts can't get shares to short, what you are left with is a group of day traders playing 20 cent swings. With the huge short position, they should be the first to blink. Keep an eye on high volume moves.
I look at the chart of clf and still ask myself (just for clf), who the 'f' is left to sell here at this level. Still not bullish on the overall industry, just that clf seems so insanely oversold by any metric, that maybe its like you said, day traders picking up dimes
I like the way it held at the end of the day with the market going down over 100 points. Matter of fact, I liked the way the whole metals held up today and it might be the place to be for the second half. Two things are clear, CLF is profitable and there will be a short covering.