Focus
Two-way
Bear side
Bull side
Short-cover fuel
On
Off
Hedge-fund bull and bear positioning flows feed the two-way tape
two-way tape · both sides live
shared facts floor
both camps act on the same cyclical upcycle
Bear flow
institutions trim
exits: Elliott · Primecap
trims: BlackRock · AB
short interest: record
Bull flow
hedge-fund buys
multi-strategy · quant
Brevan · Two Sigma · RenTec
JPM stake up · allocation rising
buy-to-cover = rebound fuel
flash selloff
≈46% · 5-session
rebound muted