We obviously had a little short squeeze Friday afternoon. Can you imagine if all 329 million short was forced to cover.
We obviously had a little short squeeze Friday afternoon. Can you imagine if all 329 million short was forced to cover.
There is a substantial short interest that is likely tied to the convert bonds.....probably as much as 250 million shares. Converts typically short the equity to lock in a rate. In essence they are then immune to price swings in the stock. They use the convert shares to cover the short position and lock in the delta as well as interest.
Where did everyone go? I went to breakfast and expected upon my return to hear a chorus of cheers with the observation that we have bounced impressively off of 2.85 and have regained all ground lost since Friday's close. Wow, with 22 Mil vol in the first half hour, it appears to be shaping up as a fun ride today. Hope this momentum stays with us.
Hey SLY-
The bounce was real promising. Just don't trust the MMs so at this point just waiting for more time to see some trades and volume. I did buy back some of my shares at 2.87. Waiting to see if they try to re test 2.85 or take it down to 2.80 before a test of the highs.
Don't know about the rest of you all, but I am so happy to have found this new board/forum and to be done with the uncertainty of SWP. Too unpredictable and inconsistent for such an important activity. We need a robust server and place to discuss the issues minute to minute. Not being private I gather is an issue to some and we have been offered a private board for a $5 monthly fee. I am curious, does the premium, $20/month service have private forums? This new influx of activity and views on this board is a direct result of the failure of SWP. I and many of us (hundreds) have had our money taken on promises of service that did not materialize. Even if they do with weeks of gap in service they clearly are not to be relied upon. I wonder if we, those fleeced by the "other premium service" can get a special, volume rate for the premium service on this board with a private member only forum for frank discussion of the issues around SXM?
While everyone is thrilled with the 9% CRB rulling, am I reading correctly that Sirius will be paying that rate on many of the non music channels also? Seemed liked it said if there was any music at all they would not be excluded.
Where has everyone gone????