The main question for me is whether shorting hedge funds use this round of quarterlies to close out a large number of shorts, or whether they are going to try to ride it through to the end of April.
There was a good article in today’s AFR interviewing a hedge fund manager who has been shorting CXO. Very interesting to get an insight to how these guys think about their shorts. Anyway, he was also quoted as saying that the bottom is probably very very close when mines are going into C&M and that they are ‘actively talking about when to close out their CXO short position.
Personally I think the period immediately following the week long CNY holiday in February is going to end up being the bottom for SC6 (doesn’t mean it’s the bottom for stocks like SYa and CXO though).
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