RE:Look like the OIL shortersWho knows? And let's hope the same applies to oil stocks. And we will have to wait to find out in Canada, as unlike the US we don't get any daily data.
But what might we glean from the consolidated short report on the two weeks ending 30 June?
To review, the 1 July report shows 3,214 trades; amounting to 23.879% of all trades; that sold 897,450 shares short; 23.877 of the total volume traded.
Today’s consolidated report shows that the overall short position on Bonterra was -35,077 shares at 274,086 shares shorted at COB 30 June.
This implies that during those two weeks another 932,527 shares traded to cover short trading; I;e; that short trading and short covering were almost half of all trades.
This week has been crazy; and the one data point I can find is that for the US OTC on 5 Jul (their first trading day of the month) saw Bonterra’s volume spike to five times normal (169,180 shares) of which 46% (78,200 shares) were short trades. On 6 Jul the trade was still high (50,120 shares) but shorting was a mere 3.35% (1,580 shares).
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By the way, while I disagree with Bandit on his call for new management, I whole-heartedly agree with his praise for the example that Crescent Point set in its press release, and in commended that to Bonterra. Once upon a time there would be lots of banks analysts and investment houses reading all the tea leaves and selling our merits to a receptive market. Not now; the few that remain are still overly focused on survival metrics and cashing in value; mostly by reading screens populated with trailing data. Eric Nuttal (and a few others) are banging drums and selling a prediction; but so far the only ones who seem to be listening are those who were already true believers. The only way that an oil and gas company is going to get its story out it is to blow its own horn. This has never been Bonterra’s style, but it should be now.