RE:Can the Bulls.......Since there has been so much talk about the short position, I though I would do some history matching between the change in the short position and the associated share price (I have created a graph, but do not know how to display it in the message).
12MM Shares Short Existed @ or > $11.10/share (pre January 2012)
12MM Shares Shorted Between $11.00 and $12.00 (Jan-Feb 2012)
LEG did not make the top 20 short list between March-Nov 2012 (but the smallest volume short position on the list during that time was no less than 23-26MM shares).
LEG showed up on the list again in December 2012 at 22MM shares (not much change since Feb 2012)....one can assume that the existing 24MM short position just rode the price down without adding to the position.
9MM Shares Shorted Between $6.60 and $7.00 (Dec 1-15, 2012).
These 3 periods get us to 33MM shares short by year end 2012. Since then, the share price has gone one direction - DOWN - and not much has changed on the short position outstanding (there have been some up and down in the number of shares, but nothing earth shattering to change the overall quantity short).
So what does all this say???
1. If the share price keeps its upward trajectory, we may see some short covering close to the $7/share range, or the shorts will defend this hurdle and try to keep the share price down...WE NEED GOOD FINANCIAL AND OPERATIONAL UPDATES from LEG to push the share price up.
2. After the first round of short covering, we may not see another panic by the shorts until about $10/share....
If short covering starts to happen in the near future, it will not be for the full amount of shares outstanding as majority of the shorts are safe until much higher share prices.
Hopefully some of you will find this useful.
GLTA....