Where have all the shorts gone?

Monday’s 4.3 per cent market bounce was a solid rise from a weak base, but not the kind of spectacular bonfire of the hedge funds that many had anticipated and some had hoped for.

One big investment bank’s internal estimate was that the short positions in the financial stocks alone amounted to nearly $10 billion. There was a view ahead of the delayed opening of trading that the market could bounce as much as 15 per cent as the shorts scrambled to cover their positions. It could have been a classic short squeeze.

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