Could be a hedge play by some of the bigger players that are long. Once bitten twice shy. No worries if you believe the end game is positive, it will certainly help the run up on the cover.

I tend to agree with BritNick. Unless there's some new (or old and stinky) shoe to drop, I think it's more likely some big positions are being hedged. If you're short the same amount you're long (a collar) you can hold these shares risk-free. Worst case, if you have to unwind in a hurry, you don't have to go to the market to supply the shares because you already own them at your cost. So, the only thing you lose is some of the upside, which you can offset by clever timing of your re-entry.

You'd have to be crazy to short ARU down here, and totally insane to be naked short. I just don't see it. I think it's far more likely these guys read this board and were all like...OMG! That ebear guy is totally right! Nothing's going to happen until after the election! Quick...put on a hedge! <g>.

I'm sure that's what it is.

ebear