CBA has documented its intention to buy back $1 billion of its shares. Do you not think it has an effect on the mentality of investors who see it as a safety net.
In addition to the shorts are the put options that the writers do not want to be in the money.
CBA shares have risen disproportionally to the rest of the market & institutions that buy shares to match movements of the index now have to buy higher percentage of CBA shares than other shares in the index.
The chart of CBA is starting to look like the SPI prior to the 1987 crash. The rise becomes so steep that it is almost vertical.
CBA Price at posting:
$155.13 Sentiment: Sell Disclosure: Held
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