On Sept 30, the SPP went as low as 34.5 cents. If I needed to cover a  short position, I would have done it then. Short positions stood at 700K. Let's assume that all got covered on that date to capitalize on the best possible point of covering. Shares traded on that day were 2.5-3 mil+. The following day say another 1 Mil and another 1.5 Mil the following day. I dought any reasonable trader would shorted RVX beyond Sept 30 when they can load up on new shares at the cheap to trade them in the hopes that RVX will bounce due to the data, data, data, which it did.

But as you say, let's see what the next short data bears out.  

Koo