Interesting move todayJust happened to be watching YLO trading this morning, when the big volume moved it down. Was interesting.
Here is my SPECULATION.
The huge block bid @ $4.75 was Shorty, and when they moved they sold quickly from 4.8 all the way to their shares at $4.75 with less than 100K shares volume. Then they took out their own bids (net shorting was zero) for over 300K shares.
Thats when it got interesting. Normally they would then just put a large block on the ask at $4.75 and let the shakedown take effect. Instead - for a very brief moment (like a few seconds) Shorty's shares at $4.75 got taken out, and a massive bid for 900K+ shares (I think it was 912K) went on the bid at $4.75. Immediately they covered all off the shorts back up to $4.78.
So - they have retreated, but I have to wonder who put up the bid of 912K shares, and what does that message send to the Hedge Funds? To me it signals that the large institutions have had enough for awhile.
The guys with 56M (maybe it is 75M? by now) short are probably sitting on huge gains. (Lets say they average sell price of $5.75 - who knows could be much higher). How do they cover? PP at $5.25? Wait for an overall market downturn? Hope for negative results or really bad company news? I don't think there is any way they can cover on the open market. While it sucks that many retail investors are feeling anxiety over this whole thing, I can't help but be fascinated.