Here Comes The Next Squeeze: Hedge Funds Short ETFs At Fastest Pace Since September 2022

About a month ago, in late July - and just as the S&P was melting up to 16 month highs - we made a startling observation: traditional long/short hedge funds managers "had experienced 9 consecutive days of negative alpha, the longest period since Jan 2017" and July was on course "to be the worst month in terms of alpha since May last year"...

"Fundamental LS managers have experienced 9 consecutive days of negative alpha, the longest period since Jan 2017. July is now on course to be the worst month in terms of alpha since May last year." - GS

But, but, stonks are at 52 week highs

— zerohedge (@zerohedge) July 29, 2023

.... and warned that below the market's silky smooth surface, a long/short bloodbath was taking place, one which we summarized as follows: