As "Mag 7" Trade Fizzles, Here Are The Massive Rotations Erupting Below The Market's Calm Surface

Contrary to conventional wisdom that Friday's post-Powell meltup was the coup de grace for surging trader P&Ls that generated stunning returns in November, we showed that as a result of the eruption in most shorted names offset by the far more modest gains in the most popular longs, Friday was actually a bloodbath for hedge funds. In fact, according to the popular HF VIP (most long) less most shorted names - a popular proxy for intraday hedge fund P&L swings - the smart money community suffered 5% losses on Friday...

... the worst single day since June 2021!