I even had 1,500 shares "put" to me the other day which cetainly surprised me. I sold them the put and why they just did not sell it back and make the money and keep their shares (and the yield) is hard for me to understand. You gotta figure they felt it was going to fall even futher.
I'll take them just the same. With the increase in share price to $13 I'm at break even +/- on those and am getting 7.7% on my money.
We should be (back to $20) but probably not gonna happen in 12mos. Europe could drag on, BO will still be president. Suspect trend higher, fighting off general downdrafts is a little easier at 7-8% yield. But until BO is gone or capitulates on tax and deficit cutting to GOP, mkt is gonna continue to be range bound.
Looks like shorts are covering. Shares Short (as of Aug 15, 2011): 14.14M ~ Shares Short (prior month): 21.08M. My guess is that as the market tanked, shorts increased into September. Banks getting unusual activity. Where she'll go, nobody knows.
Mountainspa You may well be right as a 33% drop in Shares Short in just 1 month is eye-opening. Can't wait to see the numbers Thursday. Meantime if the strong action today is not short covering then someone may be accumulating because the volume was big.