Hi pcycI also am short via IG markets and couldn't short...

Hi pcyc

I also am short via IG markets and couldn't short yesterday but you can short directly through some brokers UBS and MS if you have a large enough accounts. I find its actually cheaper to short via CFDs. Having no stock to short can mean a few things - it can also be a contrarian indicator that this is a crowded trade on the short side and the stock is due for a bounce. But th price action definitely suggests its going lower - each mini rebound is seeing a lower low so this thing wants to test a buck.

I got short when it broke above $1.15 and seemed to stagger for a bit at $1.42 on the way up - so I started shorting in the high 1.30s and averaged up all the way to $1.90 with an overall average around $1.65. These were all temporary support points on the way down and the next one is around the $1.02 level.

My position was large because I used it as currency against large MS longs and yesterday my longs got hammered. Overall, I think the sector is undervalued and priced for a China hard landing but this one is definitely the exception and if the price signals from other MS stocks are accurate this isn't worth more than 50c.