You know it makes sense

Sell Macquarie Bank into the rights issue. As of yesterday (25th of May) ASIC kindly allowed the shorting of Australian financials and we saw a healthy drop across most of the majors. I think the trade of the month has to be taking a short position in Macquarie Bank in anticipation of the rights issue which goes live on the 12th of June. Eligible investors will be allowed to purchase up to $15,000 worth of MQG.AX at $26.60 per share and I'm sure at the time of the offer, when Macquarie was trading at $33, most investors who took up the opportunity were doing so with a view to locking in a decent stag profit. MQG is hanging around the $31 level today and I think selling here with a view to buying back on or around the 12th of June at the $27 level is a smart trade.