Running discussion on SP, page-3371

Yes there were 6m in total shorts on the 1st of May, but there were also 5.5m total shorts on 30th April, so only 500k added on 1st May out of a total of 60-70m traded (or thereabouts).
There were also 3m on the 24th, up from Zero on the 16th, so during the latter part of April they were adding some shorts, but only a fraction of the overall volume.

It looks to me that a player added shorts between 23-21c from after mid April, then possibly deliberately broke support on 1st May, then covered their tracks later in the day to be only net short of 500k for the day. The next few days will be interesting to see if they continued to add or covered in the panic low.

A good technician should have worked out that shorting heavily on the 1st May after putting on a position, would trigger a lot of retail stops below 20c, therefore deliberately running the stops, then cover at the 16-17c level. Assuming they have been covering, the whole exercise might have netted $500k.

Personally I'm more interested in next weeks assays and location of new holes, depths of pegmatites etc.