RE:RE:RE:RE:RE:RE:RE:RE:Shorts are digging in hard efficientmyass wrote: cash,
the short interest which should be out (later) today will be as of April 15th.
I'm particulalry interested to see what has happened to CJ in the last two weeks as the negative rebate (borrowing cost) in that stock jumped to 13% (+ the dividend) as of last week....BNE cost about 2% + the dividend to borrow.
If you look at the average price of trades during the period where SI exploded, a big chunk of the position is now underwater. ~$1 .....+ the dividends......+ the 2% borrowing cost.
Trying to cover BNE on a day like today would be suicide.....i suspect shorts were shorting more to try and keep a lid on it. We'll know they're bailing on the position when we start outperforming (on decent volume) crude and other E&Ps on days when energy is weak (we saw a bit of that last week i thought)
anyone else fell like this was going on today?