One thing I noted on the last leg up to 0.30 was that even considering how many short positions were likely under pressure given the rise in SP only a small fraction of them closed, it was likely because they knew the SP wasn't going to breakout of the long term trend just yet, looking back in hindsight.
This time round the likelihood of the SP breaking out of its longer term trend is far greater, so it will be telling to see how many close in comparison to the last leg up as this run continues. I agree that the signal the short interest is being shaken off for good will probably be if it drops below the 8% mark (~700m open shorts).
One thing I noted on the last leg up to 0.30 was that even...
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