Energy stocks’ recovery in the past six weeks failed to spur much betting against them, if data on a U.S. exchange-traded fund is any guide. While the Energy Select Sector SPDR ETF rose 12 percent from Jan. 20 through yesterday, the number of shares borrowed and sold fell to a six-year low as a percentage of the total outstanding before rebounding. David B. Mazza, head of research at State Street Global Advisors’ ETF and mutual-fund business, cited the short-selling data in a Feb. 26 blog posting.

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