I think you will find that the hedge funds don't necessarily close their positions during the day.
Australian banks have been heavily shorted for a long time on the basis, as I understand it, that most other world banks suffered heavily in the GFC and Australian banks didn't. The fact that with the exception of NAB they didn't have exposure to CDOs seems to have been ignored.
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- reported gross short sales of turnover is 45%
reported gross short sales of turnover is 45%, page-2
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