RE:Shorts
On the Nasdaq chart resistance level is that pesky $17.18 again. They let it go to $17.16 keeping it under the resistance level. Todays move was take the gap up open and re-load on the flush.
With gap up opens, all the swing traders that got in yesterday cash in on the open. With no news per say for the recent move, this was a predictable event.
Right now trading in yesterdays range. Not much has changed from yesterday besides how they popped it up right before at Close yesterday gives them that extra 20 cents of red they need to hold it here and get some hands to fold to cover. Right now their goal is keeping it held just under $16.50 to bridle back the positive sentiment that was rushing yesterday. For all those who sold around the $16.50-ish resistance yesterday are on sidelines. This is their zone to be able to cover without too much trader/long re-enter interruption.
Will have to see how she Close's today. Short sellers dont like to ever give up. The reality is there are 43.1 Million shares that are short and need to be covered. Need to keep Bull pressure on, which a large element of that is pressure of bears needing to cover.
eom
momo