Eastman Kodak (NYSE: EK) Short or Long?

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Eastman Kodak (NYSE: EK) is now one of the heaviest volume stocks trading in the stock market today. EK could soon surge above penny stock status if the following trend continues:

The chart below shows that shorts first departed as EK rocketed over 50%. Amidst the bankruptcy scare, short-sellers hurried back in as EK later lost 67% of its value on the way to a fresh all-time low. Even while Kodak declined the last two months, shorts have also gradually stepped away.

Rather than trying to hold on until EK goes to zero, it appears the process of locking in profits is already in progress for shorts in EK. Short interest in EK was near 25% of float as of Dec. 15, 2011. Until this week, short-sellers had been able to cover into a deteriorating environment for the stock.

If short interest drops to around 40M which is where it started 2011 and news doesn’t get any worse for EK, the stock could get the boost it needs to leap over the $1 level soon. The stock of Eastman Kodak surged yesterday ending the day at $0.815. Click here to find out more about Eastman Kodak Stock.

The stock of Eastman Kodak surged yesterday ending the day at $0.815.

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