Data compiled by S3 Partners showed total short interest in the U.S. topped $1 trillion in the first six months of 2023, up from $864 billion at the end of last year.
"While short sellers were actively shorting into a rising market, that does not necessarily mean that they were solely betting on a reversal in an overheated or overbought market," he added. "A significant portion of the short selling was due to an increase in hedge fund leverage as they increased both their long and short exposure.
He said that "extended markets and overbought conditions set the stage for a natural and healthy period of consolidation as we approach earnings season." "With risks to the economy still high, we favor fixed income over equities," said Solita Marcelli, chief investment officer at UBS Global Wealth Management. "We continue to favor high- quality fixed income, including government and investment grade bonds, which stand to gain in the event of a swifter-than-expected economic slowdown."
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