I expect many shorters are trapped. They have to find a way to buy 20% of the stock to unwind their positions. Some have made money but many will lose before they are out. These day by day gyrations - up a little at open, then deep dive which runs out of puff by lunchtime followed by lots of tiny trades trying to keep the price down but by close it has usually regained a good percentage of the down and often finished up. Today was a particularly aggressive day based on poor news from GXY. I think they are trying to pick up a bit of profit each day to offset the eventual loss.
Me, I have been trading the flow and pick up a few free carry shares most days to add to the portfolio. I find the key to control under this level of shorts is set a price, don't buy or sell at market. You may miss out but patience is a virtue.
ORE Price at posting:
$3.50 Sentiment: Buy Disclosure: Held
