Have a look at the pattern of trading in the last 10 days. 9 out of 10 days we can see early pop and sell-off and a big selloff at the end. At the last minute, we often see a big red column of dumping. The shorts are not letting this go today. WBC is the worst of all the 4 banks today. The shorts are trying to keep it down to give time for them to cover at the best possible prices. It will become a bit of a tug of war and eventually they have to give up and cover quickly and run. They will have to buy a fair amount at higher prices than what they sold for. But on average, they generally get out with a profit. I guess there would be many short players and some would lose money too as they overstay their welcome. The ones who entered late into the game would be the losers. There is no myth about many shorts do lose money in this kind of game.
WBC Price at posting:
$21.81 Sentiment: None Disclosure: Held
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