Apple is now the market's most-shorted stock. If Tesla is an example, that's bullish.

Apple shareholders need not worry that it’s the most-shorted U.S. stock. I’m referring to the report from short-seller analytics firm S3 Partners that, after 864 days in which Tesla TSLA, +0.38% was at the top of this list, Apple AAPL, -1.89% has acquired this dubious honor. As of Sept. 14, a total of $18.4 billion worth of Apple shares were sold short, eclipsing Tesla’s total of $17.4 billion. That certainly seems like a lot of money aggressively betting that Apple’s stock will fall.

In order for the short-interest data to be meaningful, it must be put in context. A large dollar amount of Apple shares may be sold short, but the company also has the largest market cap of any publicly traded company in the world. Among the more relevant short-selling metrics are the short-interest percentage and the days-to-cover ratio .

The problem with this contrarian argument is that it’s wrong, according to Adam Reed, a finance professor at the University of North Carolina who is one of academia’s leading experts on the significance of the short-sale data. In an email, he told me that the strong consensus conclusion of numerous academic studies is that stocks proceed, on average, to underperform the market if they have high short-interest ratios.

Hahah only if they knew where Tesla was going in the next quarter …

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