Deletion from the Russell is not going to be a surprise, so there is no need to wait till it's official. I once thought playing the additions/deletions was a surefire way to make money, but there is no sure thing. I have seen stocks move up after being dropped, and I have seen stocks drop after being added. As far as the cutoff, you can find it by Googling Russell 3000. I don't know this year's cutoff off hand. I do think the shorts have to cover. There is only so low it can go.