I agree.
I suspect a few prior longs, who are now short are going to experience a double whammy of losses. From memory, over past month or so, we had 2 capitulation events, when the sp fell into the 40's and then again after the cap raise announcement, say high/mid 30's.
Could get very ugly for those short, leverage magnifying losses at 2.5 to 1, in dollar terms, a 3 cent rise in the sp translates to a 27% loss as opposed to a 11% gain, shiiiiite, no thank you.
Being forced to average up may be a new concept for some.
Good News & Bad News, page-2573
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