Yeah, you read that right folks. We won’t be able to sell stocks short anymore.
For Australia, the decision is temporary and it will be reviewed in 30 days. Read ASIC’s page here.
How about those who already have short positions established? Well, they can maintain those positions if they wish. Just that, no new positions can be entered.
What we can expect this morning? For sure, we will be seeing many short sellers trying to cover their positions, and cover they will, at a great loss. And most certainly, we’ll see the market surging.
I myself have got a short position opened, and I’m looking to close out my position as well. It’s currently at about 50% in profit (based on IMR), and I do hope I’ll manage to milk some profit out.
Financial watchdogs around the world have truly changed the financial landscape eh?
Market is open in a couple of minutes. Wish me luck.