The trading yesterday was very different to today and previous days. Yesterday there were no sellers and constant reloading the buy side to move the SP up. Quite the opposite to what we have been used to. That indicates to me that the shorts had a day off yesterday. Why?? Well perhaps they knew the announcement was coming and had to buy some shares to increase their liquidity to cap the SP once the announcement dropped.
Come today and you saw the SP fly in open. Day traders arrived, SP ran out of steam and the shorters started to sell down the shares they bought yesterday to keep a lid on things. It will be interesting to see the short report in a few days time.
At the end of the day 20% shorts has to be close to the limit so the shorts are running out of steam. If they want more shares to short they will need to buy on market as they can sell everything they hold because they need to have some minimum holding.
Interesting times ahead!!
SYR Price at posting:
52.0¢ Sentiment: None Disclosure: Held
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