Here is the short selling table of HANG SENG INDEX component stock on Mar 2007.

I found 3 days which short sell amount were more than 3000 million according to Nov 2006 till Mar 2007 summary.
- 3/5/2007 $3,028,030,000
- 2/28/2007 $4,247,690,000
- 2/8/2007 $4,218,490,000
They're PARTY signals for the bear. I need to look at more former data before having a strong conclusion.

