Short, shotter, sh........Folks,
For those interested, according to my calculations, CAN had appox 2.2 million shares shorted as of yesterday.
Today, amazingly, AFTER the news release, some people decided to short at $4.60.
By my estimates, another 600,000 shares were shorted today.
What this means is that CAN will take a little longer to get to $6
When it gets there, it will do so on a parabolic rise.
You will not get another chance to get in then.
Those who have been here long enough have already seen days with a 82 cent rise.
For those with a general idea of what shorting is, all you have to remember is that the shorters now have to BUY CAN. When CAN gets to a price where the shorters are unable or do not have the money to buy CAN, the houses or whoever lent them the shares will buy CAN for them. The houses will do so at "market price" and get their cash from the short seller in interesting ways
It is a real vicious spiral when you lose control of your short positions...............
All this info is for one reason only:
If you are thinking of adding to your CAN position, now is the time.
Will wind up repeating the following:
Those who bought CAN this year are happy, very happy.
Those who sold are not.