STD decided to sell at an all time low price and thus, the imbalance between supply and damage along with reputational plague associated to ''Santander'' will dive this stock so low, beyond what could be tought possible when we look at fundamentals.
In summary, when a stock goes down despite apparently good fundamentals, if you go long with it, you usually run into trouble.
I'm out of everything for a while. I don't short. I would go long if it rebottoms. However, now it is STD which is becoming potential bargain since it owns 80% of BSBR and most of SAN and STD price is now nearer to bottoms than BSBR. If no disaster happens with Spain subsidiary and European toxic bonds, STD is a bargain. I would wait however for better prices on both.