The result of all this?Most of the short positions have been taken since early August in the $8-10 range. That means all the anonymous letters and reports, the Muddy Waters announcement of its short position, and all the bad press have produced a 15%-32% correction, depending on where the short was placed. Doesn't sound like the market believes this is a fraud. That's just a normal major correction in any bull market before it goes the next level higher.