September Stock Selloff Minted Short Sellers $50 Billion Profit
- Megacap tech stock declines led to contrarian-trade gains
- Expect more short covering if market rebounds, S3 says
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Traders betting against megacap technology stocks are now winners after the September selloff unwound previous gains in the group.
Short sellers netted $50 billion in paper profits last month as the S&P 500 Index shed 4.9%, according to data from S3 Partners LLC. It was the best month for contrarian traders so far this year.