For almost every day of the last 2 weeks, WBC opens at the highest point for the day and get sold down and recovered in the afternoon. I am patient, this will end as WBC gets over 21.50. It's is painfully slow but it will be there. We need to see big pop which will happen along the way. It will deter the new short-sellers and force the existing ones to cover.
I don't get it that shorts still sold WBC at over 2x the rate they sell the other 4 banks. At any time, I would expect there are some nuts out there thinking that it is safe to short Australian banks even when the share prices are down. But doing this after such a deep drop does not make sense for any smart person. I would assume that the shorts do their homework more carefully than others. A daily short sale level of 600,000 shares is not from a few silly beginners.
WBC Price at posting:
$21.08 Sentiment: None Disclosure: Held
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