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Bank of America Short Interest Plunges By 35% In October
As Bank of America was plunging throughout October, it appears its short interest was, counterintuitively, following suit. As the NYSE reports, short interest in John Paulson's favorite bank (or not - the Paulson & Co. 13F coming out in a few days may have some nasty surprises for longs) was 153MM shares at the end of September. This number dropped by a whopping 54 million shares, or 35.3% in just one month (see table below). This means that the ongoing drop in the name had little to do with a resurgence in shorting, and all to do with increased selling. Furthermore, the far more proportionately bigger drop in SI, means that should there be another notable weakness in the name, then the drop this time will be that more accentuated, as there is less of a short covering impetus to the downside (and greater room for new shorts). In addition to BofA, other notable observations are that shorts in Ford rose to 282 million, making it the second most shorted stock on the NYSE, just after perennially most hated company Citi, which had 423.8 million shares short. The other usual suspects were mostly ETFs which as readers know all too well by know, are merely short hedging vehicles to long single name positions by hedge funds.
Top 25 most shorted stocks on the NYSE:
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How do we know Paulson wasn't shorting more than he held long, all along?
13F's don't show the short side, right?
What is with all these magical 1 handle pops up that keep happening today that is going against all other correlations?
Soon to be the National Bank of America. Lazily digesting its last meal of JPM, WFC, and C. All prior wrongdoings pardoned, bonuses paid, and its future secure in the able hands of Harry and Nancy.
God bless America!
Not quite. When BAC is nationalized, the govt will have to load it down with special rules to make it uncompetitive with JPM and C.
WFC will get hung out to dry eventually. Headquartered in the wrong city.
Well that is interesting.
Just kidding but sometimes shorts close out their positions before a stock is moved to the pinks because of the practicalities.
I am going to visualize that my request for my note will be the tipping point.
I've shorted the hell out of BAC in this latest pop up... now, it's time to be patient!
Makes sense that shorts would bail since the stock had gne from above 19 to just over 11 in six months. I mean, shorts know when to Take Profits, bitchez!
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