short covering - as sp heads north, page-38

Ok, so you think it is a takeover. If it does get taken over lets put in an FOI request to find out who all these buyers are. I don't think we'll be bothering. If it were a takeover it would be the largest insider trading case in the ASX's history.

Boys, it is short covering. 40 million shares were shorted at an average price of 77.2 cents over the last few months. We all knew they were there. 88 million shorts in total as of last Friday. A good shorts BBQ brings out all sorts of guests like us who trade these things. It puts more pressure on the shorts.

What you are seeing is what happens when shorts get burnt.