As the S&P 500 rose by 11.3% from July 10th through July 28th short interest fell sharply – on the New York Stock Exchange by 10.3% and on the NASDAQ by 5.1%.
As covering intensified, investors concentrated new short positions in companies with well-know bearish stories. On the short side, this is a relatively defensive position which is the equivalent of a long investor owning 3M or Coca-Cola. Companies: PALM, VPRT, MTG, RHT, DECK and DTV.
Short Interest as % of Shares Outstanding
(Sector averages in gray.)
PALM INC (PALM)
VISTAPRINT LTD (VPRT)
MGIC INVESTMENT CORP (MTG)
RED HAT INC (RHT)
DECKERS OUTDOOR CORP (DECK)
DIRECTV GROUP INC (DTV)