The most notable shift in SPY this week is not what bears have been doing, but what they have stopped doing. Short interest has pulled back materially after weeks of steady accumulation. Borrowed shares dropped to 93.6 million, down 7.4% on the week, which is the sharpest weekly retreat since the September-to-October build began. That build added roughly 20 million shares in under a…
SPY cost to borrow surges 127% in one week to 0.35%, marking a sharp reversal from the ultra-loose borrow market that dominated late July.
Key data as of 4 Nov 2026
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Read on ORTEX →Sign up for premiumOptions traders turned sharply defensive on Tuesday. SPY put-call ratio jumped to 1.99 — a z-score of 2.14, the highest in weeks. That's happening even as the short sellers who drove the prior cycle have nearly…
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