thanks for your analogy, and the numbers. ARCA is an electronic MM usually handling trades for institutions, or large blocks. Short against the box, means that someone "owns" the stock and is shorting against it. Boxing trades is another term and means a stock is being manipulated (it's illegal to box a trade), or you could have meant they (ARCA) is the "inside" meaning they are the highest bid "and" the lowest ask. My observation is that there's selling AT ALL! I mean really, it doesn't make any sense at THESE PRICES to sell on the come of pending potentially MONSTER NEWS??? Only sense at these prices would be to see the price moving up because of a lot of investors placing big bets on what is "inevitable"  that suits will be filed anytime and a RECORD YEAR FOR SALES/REVENUES will be reported! The saying goes "buy on the rumor, sell on the news." mguru