EFT short interest is becoming an excellent indicator for judging when the market reaches extremes. In March when the market was near it's lows for the year short interest grew to 34.3% of outstanding shares. By December, when the market was reaching a peak, EFT short interest had fallen to only 15.3%. This indicator will become more useful as history grows, it is currently being tracked by Morgan Stanley and you can read more about it at the following link:
ETF Short Interest Dries Up
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