300 Million Shorts Covered In Russell 3,000 During First Half Of May

by Tyler Durden of Zero Hedge

Trim Tabs reporting that in the first half of May (May 1-15), short interest on the Russell 3,000 stocks dropped to 13.32 billion shares ($253 billion / 2.78% of market cap) from 13.62 billion shares ($260 billion / 2.88% of market cap) on April 30.

There was net short covering in eight of the ten major sectors with Financials and Information Technology receiving the largest short interest outflows of $2.9 billion and $2.0 billion, respectively. The only sectors with net short selling were Energy and Industrials, in which traders opened new short positions valued at $500 million and $169 million, respectively.

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