It looks right! The short interest for Wespact yesterday was...

It looks right! The short interest for Wespact yesterday was 1,357,802. That's the lowest I have seen for days. It hit the bottom by the look of it. Now, WBC is running up faster than other banks for the first time. We are probably on the track to 17 Dec buyback where players are now ready to grab replacement shares for what they plan to sell back to Westpac. This may mean that the buyback might be successful after all the doom and gloom of the last 4 weeks. At some point, we will always have people saying to themselves that they regretted not buying more near the bottom.

There is an options expiration on the 9th Dec. I think the options players would not want this stock to run past 21 by 9th Dec as many would have sold calls to hedge against the falling price. We may not see WBC over 21 on 9th Dec but after that, we get to the last stretch of the buyback with option expiry on 16th Dec. The options strike 21.5 would be in focus there or perhaps 22 is a more optimistic one. certainly, those who bought replacement shares under 21 would want to participate if the buyback price is over 21. Even with 14% discount, they get nominal tax loss credit plus franking credit.