As we reported last week, one of the most notable features of October was not so much the relentless intervention by central banks to prop up the global capital markets Ponzi scheme and send the S&P to fresh record highs – that much should have been apparent years ago – but rather that just as hedge funds were preparing to aggressively capitalize on the first notable downturn in the “market” in years, the carpet was yanked from under everyone’s legs, and hedge funds (which by definition “hedge”, i.e., put on offsetting, short positions to plain vanilla longs, something for which they are compensated orders of magnitude higher than mutual funds) were slaughtered once again, following the biggest, or as we called it most Historic, short squeeze in 3 years.
This post was published at Zero Hedge on 11/03/2014.
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