Brian:

I have a theory and will present it as such and not fact as tends to happen way to often here. I believe that the SP went back up to the 93 cent level after UTS popped $1 overnight on buyout offer.The shorts got creamed that day as they lost $1 before market even opened. This created a short squeeze for CLL as oilsand takeover fever got shorts scared and they covered. I believe this fear is now gone and the shorts have returned to CLL( but not UTS) as UTS hasn't been sold and CLL has no offers in site. MY level 2 is showing CLL bids for 20k @ .50 cents and a 30k bid @ 55 cents..This indicates to me that this is the target for the shorts to cover at.Trading patterns seems to indicate trading between institutions either for themselves or a client.This to me might indicate institutions covering a short position selling to those accumulating.