think the short term upside pressure in the US was uncovered...

think the short term upside pressure in the US was uncovered shorting early in the day, thinking they would cover for a profit later in the day and therefore wouldn’t have to settle their trade.When the price didn’t fall, and actually went higher, they were caught out and if they tried to cover they would’ve pushed it even higher. They had shorted way too many ADRs in relation to the stock available to trade.So then they decided to hold the position for a day or two to let the price settle down. That’s why there was high demand for stock lending and the rate shot up.The volume traded in the US was around 66m ADRs on Wednesday and another 14m on Thursday. That was 60% of the total company and another 10%. Even if they managed to borrow all the 11m non GG ADRs, and half the trades were churn, I can’t see how the Wednesday trades will all settle and therefore there should still be pressure on Monday.Aussie is closed for easter til Tuesday.Volumes in Aussie have been high, but nothing like the US where 7x the number of ADRs available have traded.This can even out by arbitraging from Aussie sellers eventually, but in the meantime it is like GameStop.If it is a real buyer accumulating and not just churn, then the shorts are in more trouble. Aussie should go up on the overflow buying but unlikely to be as strong as the US because the supply/demand imbalance shouldn’t be as big here - but it looks like US is currently driving. Don’t lend!

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Aloha.