Why this matters — Three distinct ORTEX data streams converged on SPGI this week. Cost to borrow doubled while options traders positioned aggressively bullish, even as short interest held near recent lows.
Cost to borrow spiked 104% over the past week. The metric jumped to 0.38% on April 23, up from just 0.19% on April 17. This marks the sharpest one-week increase in a month. The surge signals tightening borrow availability despite minimal overall utilization.
Options sentiment turned decisively bullish. The put/call ratio dropped to 0.71, down 2.2 standard deviations from its 20-day mean of 0.76. Call volume has dominated for four consecutive sessions. The ratio sits near its lowest level in weeks as traders positioned ahead of the April 28 earnings release.
Short interest declined 2.1% week-over-week. Sellers trimmed positions to 3.49 million shares by April 23. Over the past month, short interest has fallen 21%. This retreat follows a February peak of 4.67 million shares. The decline accelerated even as borrowing costs began rising.
Utilization ticked up to 0.07% from 0.06% a week earlier, still far below the 52-week high of 7.79%. The ORTEX short score held steady at 28.1, reflecting the low conviction among remaining shorts. No institutional holder changes or insider activity were flagged in the snapshot.
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