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Schmunzel

No its not of concern really. The daily gross shorts really must be taken within the context of the price / volume data to understand their effect.

The shorting volume represents effort by the shorters to drive the spread south.

The higher the spread down the more effective their shorting has been. The higher the % of shorts for the day the more active they have been - thats all. Its not an indicator that tells us much more than that.

It is interesting however has to be taken within the context of the overall price and volume action.

What would be of concern is the spread moving down on increasing volume in any case whether there is shorting or not at whatever %age.

So if the shorters are not willing to take it further south then there must be a risk to doing so at this point yes?

And thats a good thing.

Supply is also not that apparent in the market at this point either which is a good thing too.

Demand to drive prices higher is also not present either.

It is sideways. Waiting, like all of us.

So I would not read too much into the lack of shorting action at this point, its not a concern. Its good.

The lack of bullish demand...hmmm

I suspect, and this is only a suspicion purely gut, that the volume we have seen has contained some buying / accumulation because with the weakness in the background if there were selling it would surely push the price down somewhat.

Slightly higher volume to the upside and lower volumes down.

Capped at 78c and supported from 75c on lowish volumes looks kind of sneaky.

It is difficult to tell with this data really.