Very interesting to note that short interest on SU.TO has now surpassed 13M shares on January 29th.
What is also interesting is to note the trading that has taken place since then.
It is absolutely incredible to see huge blocks of 200k, 400k and 500k shares moving rapidly at the bid and often at 1 or 2 pennies under the last price.
That looks to me a lot like machine programmed selling and short selling.
That being the case, i would expect the total short interest as of today to be over 15.5M shares (a record for the last 12 months ) and a double from last year.
That being said, look carefully for volume over 6M shares on a uptrend as it could signifies a short covering or even better a short squeeze.
Remember that a short squeeze is the effect of excessive buyers and not enough supply. That could also come from a margin call.
If i was a trader, i am not sure i would stay short when the benefit from these levels are far less than any positive news on the oil side.
I would not be surprised to see very high volume from tomorrow midday to end of session Friday.
We never know what a week end could bring.
Have fun
What is also interesting is to note the trading that has taken place since then.
It is absolutely incredible to see huge blocks of 200k, 400k and 500k shares moving rapidly at the bid and often at 1 or 2 pennies under the last price.
That looks to me a lot like machine programmed selling and short selling.
That being the case, i would expect the total short interest as of today to be over 15.5M shares (a record for the last 12 months ) and a double from last year.
That being said, look carefully for volume over 6M shares on a uptrend as it could signifies a short covering or even better a short squeeze.
Remember that a short squeeze is the effect of excessive buyers and not enough supply. That could also come from a margin call.
If i was a trader, i am not sure i would stay short when the benefit from these levels are far less than any positive news on the oil side.
I would not be surprised to see very high volume from tomorrow midday to end of session Friday.
We never know what a week end could bring.
Have fun
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