Short sales have dropped to a six-month low in the stock market, but ironically enough, that may be a bearish sign for investors.
Short interest on the Standard & Poor’s 500 Index fell to 8.77 billion shares as of July 31. That represents a 12 percent decrease from two weeks before, according to data from U.S. exchanges and Bloomberg.
The tumble is the biggest since Sept. 30. Investors curbed their short sales of financial stocks the most, cutting them by 31 percent to 2.05 billion shares, Bloomberg reports.
The market has been on a torrid run since the S&P 500 hit a low of 667 March 6, rising 51 percent. (more)
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