dps (interim) 2009-10, page-29

2ic - it may be a change in trend coming through - but I doubt it. However obviously this one is not falling off a cliff so far. However I think you can get out of DUE (maybe on a market up day), sit back and await further credit market issues dealing with Greece, Portugal, possibly some other country or company we have not thought of, and possibly see how you feel at $1.73 or so.

I think it is a very safe short at present. I'm not sure what will happen - but feel confident it isn't going up unless there is a take-over offer - which seems unlikely at present, or a sudden re-rating of these types of businesses.

Right now there are 864k sellers vs 440k buyers on the screen (about the most bullish ratio all day so far as well - it has been two to one or worse nearly all morning), and there were about 1.7m sellers to 1m buyers yesterday at 4:09pm just before the end of the final auction period. That is quite bearish IMO.

Good luck either way

MM