this is playing out exactly as it should....This is only the very early stages of a return to a much broader long term move higher. The technicals are screaming for a return and retest of the $2.90 area. The fact that there are now 57mm shares short, suggest to me that this can very likely be $3.50 with any kind of sequence of positive news.
The fact is, whatever hedgies are behind this short attack, very likely are short a basket of healthcare stocks against a basket of longs or an index... and its worked well. Over the course of the last 6 months, the broader market has gone straight up.... and healthcare has been sideways to down....so the short healthcare / long everything else trade has worked big. Yesterday the IBB brokeout to the upside. My guess is that this is the beginning of a sector rotation back into healthcare and an unwind of the broader trade.
This will give MACRO and INDEX support to PLI. Layer in what is almost certainly going to be 90 days worth of good news from PLI specifically on one of many fronts.... and what is inevtibly going to turn into a very ugly short squeeze scenario... fuelled by REAL buying.... and my best guess is we are $4 by July or earlier
put that in your countdown pipe and smoke it ES and TBag