"No One Wants to Be Short" Into Weekend Is Mantra Driving Bank Rally

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"No One Wants to Be Short" Into Weekend Is Mantra Driving Bank Rally

Bloomberg2023-05-06

KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-sellers taking profit(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"No One Wants to Be Short\" Into Weekend Is Mantra Driving Bank Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-06 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-sellers taking profit(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WAL","symbol_name":"阿莱恩斯西部银行","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra","article_id":"2333435384","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2333435384","pubTimestamp":1683328466,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WAL":"阿莱恩斯西部银行","PACW":"西太平洋合众银行","KRE":"区域银行指数ETF-SPDR KBW"},"translate_title":"周末“没人想做空”是推动银行反弹的咒语","themeId":"407b95c9057c462db8fd2ae80734b88e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KRE":0.9,"PACW":0.9,"WAL":0.9},"content_text":"KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-sellers taking profit(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional banks may have a simple explanation: short-covering. The $2.7 billion SPDR S&P Regional Banking ETF soared as much as 6.6% on Friday, fueled by a record surge of around 80% in PacWest Bancorp. The rebound follows several days of brutal selling and a surge in bearish positioning in regional banks, with PacWest saying this week that it’s exploring strategic options.The driving force behind the rally may boil down to short-sellers booking profits heading into the weekend with lingering questions around what other steps regulators might take. Most recently, the Federal Deposit Insurance Corp. announced that it had accepted JPMorgan Chase & Co.’s bid for failed First Republic Bank in the early hours of Monday morning — echoing March’s weekend bombshells that the government was closing Silicon Valley Bank and Signature Bank. With that kind of event risk in mind, combined with the fact that short sellers have likely made a tidy profit already, it makes sense to see bearish wagers roll off. Even with Friday’s surge, PacWest is still down about 40% this week. “No one wants to be short when we’ve seen so many announcements come out over the weekend,” said Max Gokhman, head of MosaiQ Investment Strategy at Franklin Templeton Investment Solutions. “No one wants to be holding one of those names. If you’ve been short, you probably made a decent return — it makes sense to clear your books and not be caught holding something that’s going to be rescued.”The S&P 500 has risen on six of the last seven Monday trading sessions, data compiled by Bloomberg show. While those rallies didn’t include the specific banks that were rescued, the pattern underscores the risk for bears. The benchmark index climbed about 2% on Friday, while a Goldman Sachs Group Inc. basket of the most-shorted stocks jumped 3% — its biggest rally in over a month.Friday’s abrupt reversal comes after bearish sentiment on KRE reached extreme levels amid a roughly 40% drawdown since early March. Short interest as a percentage of shares outstanding in the ETF surged above 90% this week, from 74% a week earlier, according to data compiled by S3 Partners.  The heavy shorting in banks led to some calls this week for short-selling to be restricted — a possibility that the White House batted away on Friday. Still, that chatter combined with the magnitude of the selloff is likely spurring profit-taking among the bears, according to Miller Tabak + Co.’s Matt Maley.“The group had become very oversold again on a technical basis and with the talk about restricting short sales that we heard yesterday, these players had no choice but to take some profits and cover their positions,” said Maley, the firm’s chief market strategist.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9947554500,"gmtCreate":1683332516500,"gmtModify":1683332520405,"author":{"id":"3585385530619181","authorId":"3585385530619181","name":"h20_mako","avatar":"https://static.tigerbbs.com/815dd8430435288774e9be0c03637f83","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585385530619181","authorIdStr":"3585385530619181"},"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947554500","repostId":2333435384,"repostType":2,"repost":{"id":"2333435384","pubTimestamp":1683328466,"share":"https://ttm.financial/m/news/2333435384?lang=&edition=fundamental","pubTime":"2023-05-06 07:14","market":"us","language":"en","title":"\"No One Wants to Be Short\" Into Weekend Is Mantra Driving Bank Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2333435384","media":"Bloomberg","summary":"KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-","content":"<html><head></head><body><ul><li><p>KRE ETF surges after short interest hit exteme level this week</p></li><li><p>Possibility of weekend news has short-sellers taking profit</p></li></ul><p>(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional banks may have a simple explanation: short-covering. </p><p>The $2.7 billion <a href=\"https://laohu8.com/S/KRE\">SPDR S&amp;P Regional Banking ETF</a> soared as much as 6.6% on Friday, fueled by a record surge of around 80% in <a href=\"https://laohu8.com/S/PACW\">PacWest Bancorp</a>. The rebound follows several days of brutal selling and a surge in bearish positioning in regional banks, with PacWest saying this week that it’s exploring strategic options.</p><p>The driving force behind the rally may boil down to short-sellers booking profits heading into the weekend with lingering questions around what other steps regulators might take. Most recently, the Federal Deposit Insurance Corp. announced that it had accepted JPMorgan Chase &amp; Co.’s bid for failed First Republic Bank in the early hours of Monday morning — echoing March’s weekend bombshells that the government was closing Silicon Valley Bank and Signature Bank. </p><p>With that kind of event risk in mind, combined with the fact that short sellers have likely made a tidy profit already, it makes sense to see bearish wagers roll off. Even with Friday’s surge, PacWest is still down about 40% this week. </p><p>“No one wants to be short when we’ve seen so many announcements come out over the weekend,” said Max Gokhman, head of MosaiQ Investment Strategy at Franklin Templeton Investment Solutions. “No one wants to be holding one of those names. If you’ve been short, you probably made a decent return — it makes sense to clear your books and not be caught holding something that’s going to be rescued.”</p><p>The S&amp;P 500 has risen on six of the last seven Monday trading sessions, data compiled by Bloomberg show. While those rallies didn’t include the specific banks that were rescued, the pattern underscores the risk for bears. The benchmark index climbed about 2% on Friday, while a Goldman Sachs Group Inc. basket of the most-shorted stocks jumped 3% — its biggest rally in over a month.</p><p>Friday’s abrupt reversal comes after bearish sentiment on KRE reached extreme levels amid a roughly 40% drawdown since early March. Short interest as a percentage of shares outstanding in the ETF surged above 90% this week, from 74% a week earlier, according to data compiled by S3 Partners.  </p><p>The heavy shorting in banks led to some calls this week for short-selling to be restricted — a possibility that the White House batted away on Friday. Still, that chatter combined with the magnitude of the selloff is likely spurring profit-taking among the bears, according to Miller Tabak + Co.’s Matt Maley.</p><p>“The group had become very oversold again on a technical basis and with the talk about restricting short sales that we heard yesterday, these players had no choice but to take some profits and cover their positions,” said Maley, the firm’s chief market strategist.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"No One Wants to Be Short\" Into Weekend Is Mantra Driving Bank Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"No One Wants to Be Short\" Into Weekend Is Mantra Driving Bank Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-06 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-sellers taking profit(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KRE":"区域银行指数ETF-SPDR KBW","PACW":"西太平洋合众银行","WAL":"阿莱恩斯西部银行"},"source_url":"https://www.bloomberg.com/news/articles/2023-05-05/-no-one-wants-to-be-short-into-weekend-is-friday-rally-mantra","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2333435384","content_text":"KRE ETF surges after short interest hit exteme level this weekPossibility of weekend news has short-sellers taking profit(Bloomberg) -- Friday’s staggering rally in the shares of beleaguered regional banks may have a simple explanation: short-covering. The $2.7 billion SPDR S&P Regional Banking ETF soared as much as 6.6% on Friday, fueled by a record surge of around 80% in PacWest Bancorp. The rebound follows several days of brutal selling and a surge in bearish positioning in regional banks, with PacWest saying this week that it’s exploring strategic options.The driving force behind the rally may boil down to short-sellers booking profits heading into the weekend with lingering questions around what other steps regulators might take. Most recently, the Federal Deposit Insurance Corp. announced that it had accepted JPMorgan Chase & Co.’s bid for failed First Republic Bank in the early hours of Monday morning — echoing March’s weekend bombshells that the government was closing Silicon Valley Bank and Signature Bank. With that kind of event risk in mind, combined with the fact that short sellers have likely made a tidy profit already, it makes sense to see bearish wagers roll off. Even with Friday’s surge, PacWest is still down about 40% this week. “No one wants to be short when we’ve seen so many announcements come out over the weekend,” said Max Gokhman, head of MosaiQ Investment Strategy at Franklin Templeton Investment Solutions. “No one wants to be holding one of those names. If you’ve been short, you probably made a decent return — it makes sense to clear your books and not be caught holding something that’s going to be rescued.”The S&P 500 has risen on six of the last seven Monday trading sessions, data compiled by Bloomberg show. While those rallies didn’t include the specific banks that were rescued, the pattern underscores the risk for bears. The benchmark index climbed about 2% on Friday, while a Goldman Sachs Group Inc. basket of the most-shorted stocks jumped 3% — its biggest rally in over a month.Friday’s abrupt reversal comes after bearish sentiment on KRE reached extreme levels amid a roughly 40% drawdown since early March. Short interest as a percentage of shares outstanding in the ETF surged above 90% this week, from 74% a week earlier, according to data compiled by S3 Partners.  The heavy shorting in banks led to some calls this week for short-selling to be restricted — a possibility that the White House batted away on Friday. Still, that chatter combined with the magnitude of the selloff is likely spurring profit-taking among the bears, according to Miller Tabak + Co.’s Matt Maley.“The group had become very oversold again on a technical basis and with the talk about restricting short sales that we heard yesterday, these players had no choice but to take some profits and cover their positions,” said Maley, the firm’s chief market strategist.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":26,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}