Yes, some clients of ours are shorting NCM through options or CFD's. Others are keen on playing the long side so are waiting on the sidelines for now.
Its a good price and we've been happy to sell DJS here to lock in a nice profit.
James, in terms of expectations we'll have to get back to you with specifics, but definitely we want to see the trend more towards upgrades than downgrades, especially at this phase of the cycle. Almost more a game of avoiding the disasters than picking the winners.