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Strategies & Market Trends : General market lab and commentary

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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From: Robohogs	3/8/2016 6:09:34 AM
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In this rally, lowere quality heavily shorted stocks have dramatically outperformed all others - pretty normal stuff late in a rally from lows. But the length of short covering is surprising many older market hands. It appears to me that many hedgies may have been long FANG, short energy smallcaps, short bios and long HD/SBUX/a few like those. Result: FANG getting killed, energy ramping for several weeks and shorts are still trapped, bios kinda ramping but if follows energy footprint, lots of room left, and other growth stocks stagnating. So loop is: get killed on energy stocks, sell FANG to meet margin, sell others, and niw bios killung them. In energy, they were both fundie/momo shorts but in bio, probably more momo shorts toward end. Unwinding could go a long way. Jon

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