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Summary:
Week Ending July 22, 2021.
Last week saw another choppy period for the ASX200 as the market tried to decide whether to focus on local lockdowns or new highs on Wall Street. Up until yesterday, Wall Street won.
While there was not a lot of movement in short positons last week, the movements we do see nevertheless tell a tale.
Who wins in a lockdown? Online sellers of household goods. Last week JB Hi-Fi ((JBH)) fell off the table from 5.6% shorted, while Temple & Webster ((TPW)) dropped to 6.3% from 7.4% a sly move ahead of this week’s strong earnings result.
But shorts in Kogan ((KGN)) – Australia’s (slightly smaller) Amazon rose to 10.2% from 9.7%. Surely Kogan can be included in the same group as the two above? See below.
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Summary:
Last week saw the ASX200 chop around, running fast to get nowhere.
The most notable event in Short Land last week was that of four stocks dropping out of the 5%-plus shorted table, and none coming in. This leaves a mere 17 stocks on the table – a table which back in the day could number in the 40s.
Nothing like a bull market to shake out the shorts, although the index is currently struggling to make any fresh headway.
In last week’s report I’d noted Kogan ((KGN)) shorts had fallen to 10.6% from 11.8%, ahead of the announced Sydney lockdown. Kogan proved popular with lockdown inmates last year. But last week shorts bounced back up to 11.5%.
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