While not at the lows from January, when NYSE short interest hit a multi year low of 12.4 billion shares, the just released update shows that into the end of February, total short interest once again declined from the Mid-February dead cat bounce which saw it at 12.8 billion, with the latest print at 12.6 billion shares. And now that the market is finally realizing that there is a several hundred point vacuum underneath if indeed there is even a brief break in Fed monetization, the number of shorts that may opt to cover on the market's way down is far lower than in recent history. Of course, this is what happens when everyone bets on the Bernanke Put and said Put starts to sputter, which simply means that the Fed chairman, who traditionally equates economic growth with the Russell 2000 is more boxed into a corner, than ever: QE3 will second gold to 2,000 and oil to 1,50. No QE3 will send the S&P to sub 1,000. Place your bets.