We wrote about P the day before earnings and recommending buying with a put. It brought out entry cost down to $8.91. The stock is at $8.54 this morning and the short squeeze is on with Erlanger Volume Swing staying about zero which is a big plus.
The chart below shows that many shorts are still in this name and that buyers are still hanging in there. The stock sold off NOT on earnings but guidance over the fiscal cliff. If the can is kicked down the wrote, then P could squeeze shorts that are being rather piggy here with big gains. Remember the most you can make on a short is 100%.