SOXL Bears Pay Up as the Chip Rally Defies Them

Three data streams are pointing in the same direction on [SOXL](/s/us/soxl). The cost to borrow has spiked. The put-call ratio is at a 52-week high. Short interest is rising. Yet the ETF has gained 141% in a month.

## The Borrow Market Tells the Story

Cost to borrow hit 2.63% on May 13. That is up 169% in a single week. A week ago it sat at 0.98%. Bears are paying significantly more to maintain…