That's stupid. You want massive volume to confirm a reversal up. Low volume means these gains may not be sustainable (easily reversed). What are you, a novice? What price did you buy WLT? How big a bagholder are you??? Geez!!!
A high volume day on the downside is supposed to be capitulation, but did not work that way with WLT. There was a key reversal on June 18th on high volume, but turned out to be a false reversal and WLT ended up setting new lows.
Now talking about low volume of the the way up... It means the buyers are skeptical and still don't believe on a sustained uptrend in WLT (So, are the shorts) If WLT can retain it's gains and move over the 20 dma then you might some see some buyers step in and shorts cover...
Actually this is great action and I suspect a few positions are being added to, just before an upgrade or news announcement. Saw this with GRPN which I got into at the $4 level and watched everyday for the last 8 months. The same thing happened to MCP at the bottom. Shorts are covering slowly, but there will be a 20% day when refinancing announced. CLF affirmed that the sector is not dead, just on life support. But selling from 15 down to 10 based on continued speculation that bankruptcy inevitable. I just don't believe WLT is at that level. Long at 12, 11 and 10.5.