While the MYX SP is perplexing, I'm not convinced shorters are the culprit. As at 21Feb the outstanding short position was only 1.1% (=17.4M ords). Compare that to 11%+ 12 mths ago! At the 30Jan outstanding shorts were 1.27%. At 21Feb they were 1.10%...so they have declined. There were 21.6M ords shorted in total between 30Jan-21Feb...and 8 of those trading days were 30%+ days. 20.1M outstanding shorts at 30Jan + 21.6M shorted to 21Feb...yet only 17.4M outstanding shorts at 21Feb. That seems to suggest there is helluva high rate of churn going on. Whether that can manipulate the SP lower, I don't know. Bottom line is, don't bank on short-covering or a short squeeze to have any material effect on lifting the SP.
MYX Price at posting:
70.8¢ Sentiment: Hold Disclosure: Held
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