Hedge funds cada vez más bajistas

Fuente: Zerohedge.com

As the CFTC reported last friday, institutional investors using Standard & Poor’s 500 Index futures turned bearish this month for the first time since September 2012.

Incidentally, September 2012 is precisely when we first said that the one trade guaranteed to generate outsized returns is to go long the most shorted names. This is what happened next:

As Bloomberg reports: "Hedge funds and other large speculators have been net short for the last two weeks, wagering that the S&P 500 (SPX) will decrease in value, according to data compiled by Bloomberg and the U.S. Commodity Futures Trading Commission."

This is how the net HF exposure looks like:

Bloomberg adds:

“Everyone made a ton of money last year being long and they may be hedging their portfolios in the S&P 500 futures market,” Eric Green, director of research and fund manager at Penn Capital Management, said by phone on Feb. 21. The Philadelphia-based firm oversees $7.5 billion. “The bad economic data and the emerging-market news that broke in January have all contributed to more negative sentiment.”