Since the October 2023 lows, we can count at least 18 green weekly candles in the S&P (vs just three red ones), and yet what is remarkable is that as the market has been relentlessly melting up, hedge funds have been just as relentlessly shorting single names for much of the historic meltup which culminated with last week's dovish presser by Fed chair Powell, and which pushed spoos over 5,300.

In retrospect, few expected the Fed chair to be as dovish as he was and so one week after Goldman's Prime Brokerage revealed last Friday that "single name stocks had been shorted 11 of the past 12 weeks", we turn to the latest must read Weekly Rundown Report from Goldman, in which we read that "US Single Stock shorts have increased in 12 of the past 13 weeks" even as macro products - index and ETFs - saw a fresh round of painful short covering.