but surely if you were short, you would be arguing with yourself...

but surely if you were short, you would be arguing with yourself right now that the earnings per share, dividend yield and general PE ratios warrant a close look at covering?

Obviously I'm long (from 19.50) and riding, but while I'm tempted to cut and re-enter, I suspect the bounce is a mere few days away, especially when you have expiry, index trading and end of year mark ups to consider.

So when in doubt, I turn the charts and tables upside down.

If you were short ANZ from 20 odd dollars and now its 18.50, you'd be thinking there isn't much more to aim at, give or take 50 cents. But you could be caught on a massive turnaround, heaven forbid someone decides that at this level its worth picking up a few million shares (are you listening superfund of mine?).

Another thing is that Mike Smith accused local money of being too afraid of going against the overseas shorts, late Friday. I'm being optimistic, but that could knock some sense into the investing public, which could be why the thing rallied 2 pct from 18.33 to 18.78 into the close.