Re the massive short position.
It increased from 10% to around 17%just around the time MYR got thumped from $2.50 to $1.28 so I suggest they are still well in the money although would have given back a fair bit if its the same short all the way through & I suspect some of it will be.
So I would suggest its an industry style short against retail, as we all know retail sucked for some time.
However in my view with the lowering of fuel that has changed, well as long as fuel stays low & being an ex commodity trader I have the view that oil is only going to go lower & a lot lower & fuel obviously with it & disposable income rises.
Great for the likes of Myer.
I would suggest that this massive short position just hasn't woken up to that fact.
MYR Price at posting:
$1.65 Sentiment: Hold Disclosure: Held
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