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NYSE Short Interest Plunges To Lowest In Three Years

Tyler Durden's picture

Yesterday we reported that following a painful end to 2016, one of the most popular market bears, Horseman Global, had no choice but to begin capitulation and covering shorts:

昨日ZeroHedgeは2016年末の痛みについて報告した、ベア派でよく知られたHorseman Globalだ、もう降参してショートカバーを始めた:

[D]espite what I think, we are beginning to close parts of our short book. We have largely exited airline related shorts. We have also closed staple shorts, as they were largely there to protect against a fall in yields, which they did to a degree. We have also closed many developed financial shorts to make some space for Chinese financial shorts. We have also reduced the bond position and moved much of in to German bunds. The majority of the bund position is in 5 year bunds, the buy case I made a few months ago.


思惑違いで、我々は空売りの一部を手仕舞いし始めた。その多くは航空会社だ。また生活必需品関連のショートも閉じた、配当下落対策でここに大きく展開していた。我々はまた多くの先進国金融企業ショートも閉じた、中国金融機関のショートを展開するためだ。我々はまた債券ポジションも減らし多くはドイツ国債に転じた。多くのドイツ債は5年物で、数か月前に買い進めた。

It turns out, he is not alone. As our friends at GaveKal point out, of the end of December, short interest dropped to its lowest level since early 2014, even as stock market indices hovered at new highs, suggesting that a short squeeze into the close of 2016 indeed took place as many trading desks suggested, and may have been responsible for the push higher in equity market toward the end of 2016.


このポジション移動は彼だけではないことが判明した。ZeroHedgeに親しいGaveKalの指摘によれば、12月末で、空売りポジションは2014年始め以来の低位となっている、株式指数は新高値になってもだ、ということは2016年末でのショートスクイーズはすでに終わったことを示唆している、そしてたぶんこれが2016年末にむけて株式市場を押し上げた原因かもしれない。


Similar declines in the level of short interest occurred in 2009, 2010, and 2012.


同様の空売り総量下落が2009,2010,2012に起きている。

Source: Jennifer Thomson via Gavekal Capital blog

But perhaps the most shocking consensus collapse in short interest is in US financials...


しかしたぶん、空売り下落で一番驚くのは米国金融セクターだ・・・・