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Speculators Reverse Big Nasdaq Short

Yahoo Finance

(Bloomberg) — Hedge funds have pulled back from one of the biggest short positions in U.S. tech stocks in over a decade, in a near-record buying spree of Nasdaq futures last week.Net speculative positions in Nasdaq 100 mini contracts surged by the most in more than 13 years in the week through Oct. 13, according to the latest Commodity Futures Trading Commission data. The increase was the second biggest on record in data going back to 1999 and left speculators net long the futures for the first time since the beginning of last month.The buying frenzy comes after fast-money accounts had driven net short bets to the highest since before the financial crisis during September.The U.S. tech gauge has risen over 9% from its Sept. 23 low amid signs of a return of bullish options activity that helped push it to an all-time high earlier that month. It remains about 5% below that record.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Christine Watkins

Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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