It’s Getting Very Costly to Worry About Covid in Stock Market
- Equity short interest has fallen to the lowest in 16 years
- “The Fed sets us up to be very anti-bearish”: TIAA’s Gaffney
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By late October, evidence was everywhere that the coronavirus was spinning out of control again. Case counts were up and infections were spreading. Stocks were teetering, down a second month, while the election was dividing voters like few before it.
In an earlier era, circumstances like those would’ve made mouths water among short sellers. In 2020, when there are very few bears even left, the result of acting on them has been costly. Traders betting on a slide absorbed a $163 billion loss in November, adding to an already maddening year.