RE:RE:RE:RE:RE:On-warrant inventoriesThat could be one reason and your interpretation is a good one but I would not bet on it. The market continues to jitter due to many factors including Trump, China, sell on May and go away, you name it.
The good news is that the the overall stock continues to decline. The bad news is that there is no confidence on actual demand. I do not think that the issue of hidden inventory is as critical now as it was in the past.