China MediaExpress Holdings, Inc. (fka CCME)

[Chesterfield]

When they chose to cover may depend on the hedge funds overall performance and the bonus agreements of the managers. They might delay closing their short position at a loss until January if it that helps them make their December bonus numbers. True, they would be starting 2011 at a loss but they have time to make it up.

I added some today on the grounds that I think January is likely to see some funds repositioning themselves in this space and from all reports the shorts got this one entirely wrong. I think they have to cover before some fund decides to "go big" on CCME, which could happen in Jan.