The short positions across the 4 major banks has been rising. In particular, CBA has accumulated significant short positions over the past two months with A$2.0bn outstanding, up from a low of A$0.7bn in May. Keeping in mind, retail investors still have ~2 weeks to decide whether to apply for additional shares via their entitlement offer (1 for 23 @ $71.50). The shares are heading to that price very quickly. Furthermore, Westpac (WBC) short positions are on the rise as the market awaits for them to announce a capital raising due to the new capital requirements stemming from the Murray review. They are the last of the big 4 banks to pull the trigger. NAB & ANZ remain my preferred exposures.