CLOV end of day summary for short trading action and short sale restriction violations.

We only saw 148k shares returned to Iborrowdesk desk by close today with a total of 150k now available to borrow with a 116.7% fee and nearly 6 million still missing. In violation of the short sale restriction someone continued to short into the bid going into AH. At first I thought this may be a MM, but L2 data and borrow/return times suggest that is was indeed most likely a shirt HF.

What happened today was literally criminal, but I wouldn't hold your breath on the responsible party being held accountable. They are clearly either banking on getting away with it because reporting this is such a pain in the ass, OR decided that whatever fines they would need to pay was worth it.

It has been a frustrating day, but it appears very little covering was actually done today. With borrow fees over 116%, I wouldn't be surprised to see more violations tomorrow. They are getting incredibly desperate. That said they need to cover at some point with short borrowing fees so incredibly high, and when one large short holder finally decides it's time to cover and starts driving the price up the others will rush in to do the same so they are not stuck without shares to return and fees this high. It's really a game of chicken with shorts buying and selling the same shares back and forth until they meet a real resistance floor (this is why volume is so high, but number if returned shares so low), or one of them chickens out and starts covering enough volume to start real upward momentum.

Tomorrow could be pretty explosive. Good luck!**

submitted by /u/DMotorBoater
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