I assume ppl who were still long were holding a lottery ticket. With widespread rumors the equity will be wiped out at this point, who is selling i.e. everyone who is long knew this could happen at this point, why sell now?
if your looking to short wait for a rally. big names dont go without a fight. when it looks the most hopeless thats when the stock comes back, huge
Thermactor, I think you'll find that Daal is actually short FRE and FNM. He/she has mentioned the idea of waiting for a rally to sell in other threads.