Hang on Pezz
As has been explained to us on numerous occasions (usually by shorters) short selling has little effect on the sp. lol.
Seriously though, I think people naively accept the argument that since the % of shorts to total volume is only (say) 5% or whatever, that it can’t affect the sp much. That might be a valid argument if they were looking to sell their shares on the market in an orderly manner in order to get the maximum price. The problem with that however is that their objective is quite different, that is to push the share price down as far as possible with the shares they are shorting i.e. getting the biggest bang for their buck. This might be by way of setting up a resistance level and continually feeding it to cap the price or perhaps a dump to make buyers wary that another dump could be imminent and not buy to see if the price drops further along with a number of other strategies. Obviously the dfs provided the perfect opportunity for a dump so that was the strategy of the day.
Shorters are not idiots. I even think that if I (being a relative novice) had a few million shares to play on most given days I could create a fair amount of havoc in what has been a relatively thin market at least until recently.
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Hang on PezzAs has been explained to us on numerous occasions...
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