I checked with a contact on the borrow and the current rebate is -39% (annual) right now. That said, it already looks like there is going to be a lot more stock for borrow by the time yesterday's trades settle next week. So I think we'll see implied vol drop by late next week as lower borrowing costs start to factor in. The shorts appear to be capitulating, which is generally the right time to get short.
5/10/13 at 11:18am