“Smart Money” and shorts are skeptical on Monday rally
The Smart Money Flow Index shows that professional money managers remain skeptical of the rally. The index is near a two-year low and advanced only 1.2% on Monday, a day that saw the Dow Jones Industrial Average move up 2.8%. A Goldman Sachs basket that tracks the 50 stocks with the highest short interest in the Russell 3000 Index was up on 1.7% on Monday when the Russell 30000 climbed 2.6% on Monday–a big enough move that it might have triggered panic buying by traders looking to close out short positions
