Look at market action this morning. I bet the shorts hurriedly jumped in to put out the fire as soon as buyers appear. The sold WBC from +0.27 down to +0.07 rapidly. They did the same for CBA, ANZ and NAB. As buyers show up to pick the bottom, the shorts must stamp out the fire before it gets serious. I am waiting to see the short interests figure from ASX for yesterday to see how much short selling happened yesterday. This tug of war will continue until the shorts eventually give up, cover and get out with whatever profit they can keep. It happened before in the US where retail investors came to a consensus and organised a buying day to drive the short-sellers up the wall. The case of GameStop caused short-sellers to lose 20 billion dollars. We just don't have enough retail players and coordination here to deal a blow to the shorts.
But it's still ok. Just wait out the game and keep buying slowly in and the shorts will run.
WBC Price at posting:
$22.28 Sentiment: None Disclosure: Held
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