Morgans senior analyst, Adrian's report on SXY and COE, page-69

Mungy, cut with the BS. If you’re a naked short in a penny stock then you and your broker need some help. What, SXY dropped a couple of pennies over the last few weeks and you’re telling us you’re making big bucks? What just enough to get a cheese on the burger versus a hamburger.
I’m sorry I don’t buy this. SXY is so well positioned and only someone who has lost it would be shorting a couple of million shares in this current market. I also hope you have enough collateral / assets to cover your naked short position because when it goes south, they’ll come after you really hard. Good luck with your strategy for a few pennies and I’ll make sure we all invite to the SXY $1.00 party next year at my expense. (and your international broker).