Early tomorrow morning we'll find out just how many investors have been caught short due to margin calls. How bad it will be depends in large part upon how many bidders are lined up to take the bargains as they'll have to compete with each other.

On the other side will be the sellers having to cover so lets all hope there are a lot more bargain hunters than margin forced sellers.

Margins allowed on Noront shares was never high and my guess is that more than 50% of those 'caught' have covered from other resources.

It would be very nice indeed for Noront to drop a 'trading halt' on opening to release favourable news that could avoid any 'bloodbath' entirely.