The current down move started on 1 June. Since then until yesterday there were 13 million short sales. Yesterday 50% of sales were shorts, so assume they will again be 50% today over probably 16 million volume.
We're looking then at 21 million shorts in this down move, with ASIC's daily list showing about 25 million shares potential for shorting on 8 June. This may have increased, but it is unlikely, because supply of shares-to-borrow-for-shorting would have dried up, if only because the owners of shares are watching their stops.
That would leave about 9 million shorts unaccounted for. Let's say half of those have also been sold but prior to 1 June, taking us to a total of actual outstanding shorts of 20.5 million, leaving us with one more day of shorting, tomorrow Friday. Then the bounce!
I know, I know, wishful thinking maybe and wildly inaccurate possibly, but still ....
GXY Price at posting:
$1.57 Sentiment: None Disclosure: Held
