Something popped up from the shorts stats.

I just posted the link to the TSX shorts summary showing that KXL shorts in Canada are pretty well at an all-time low. Very good.

I noticed something else - in the first two weeks of April 2008 - from March 31 to April 15 2008, 1,371,100 previously shorted KXL shares were bought back. See the figures on the same page as above. The shorters had sold 1.4 million shares above $3 and maybe above $4, and were replacing them at $2.50.

Then I brought up the TSX stats on all KXL share trading in Canada in April 2008. The __total__ share trading in the first two weeks of April was only 3,618,300 shares.

So the short-covering was 38% of all trading in KXL in the first two weeks of April! The price hardly budged. It's an amazing concentration of short-covering that we couldn't see at the time (given the delay in the short stats).

I am looking for a source of Level III data but haven't found it yet. I have Level II via Credential. Stockhouse provides nothing better than what I have. If someone here had Level III we might have seen the short-covering for what it was and saved a few $$.

Doesn't change our situation right now, when prices are lower than at a recent low in shorts, a very good place to be. But it sure would be nice to turn the high beams on if we have to drive down these dirts roads in the dark.