The short cover that defined XLP through most of October has gone into reverse, and options markets are amplifying the cautious signal. Short interest has climbed back sharply after its mid-month trough. It rose 16% over the past seven days to reach nearly 23.1 million shares, or just under 12% of the free float. That weekly jump is roughly 1.9 standard deviations above the ETF's…
XLP short interest slides 37.8% in one week to 10.2% of float, as bears rapidly unwind positions amid easing borrow friction.
Key data as of 4 Nov 2026
The story that defined XLP a week ago has reversed sharply. Short interest has collapsed 39% in one week to 9.84% of free float. That's a dramatic unwind from the 16.2% reading flagged in last week's note. The speed of…
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