With the close of trading today, the market performed above expectations (expected 9-12% retracement) likely due to a broader bullish day in Oil prices. I don't see anymore +/- 20% daily moves, but rather a subdued price volatility of 2-5% moves up or down.
Information flow between managment and shareholders will be key over the next couple months to pacify the highly nervous investor (institutional or otherwise). WIth such a muted market in CAL12, broad tax loss pressures seem to have a low likelihood (barring any major QE3 rally in Dec).
I like $6.25 - $6.75 as a year end price level if commodities find a firm footing, which seems to be more and more likely given the recent events occuring in the North Sea / Israel / Iran
As volatility is reduced, a bottom should form, which should provide some thought provoking mental discussions with the shorts. Im personally very impressed with the foresight, futspa, and fortitude of the short holders. I sold my position at $14-15 range thinking it was overvalued, but failed to see the opportunity of taking the equal and opposite position as a short, or put holder.
Best of luck to all.