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Investing.com -- Renewed macro shorts emerged from hedge funds and real money accounts last week, quickly erasing early market gains, according to Goldman Sachs flow specialist Brian Garrett.
"When you think investors can’t get short more macro product, they do," Garrett stated in a note to clients. He identified earnings season as the primary driver of increased idiosyncratic trading, with the most notable activity coming from long-only investors selling Meta shares.
Goldman’s futures trading desk observed a "meaningful" increase in short positions in small-cap futures following Federal Reserve comments suggesting a December rate cut is not guaranteed. Garrett cautioned those adding to short positions: "We’ve seen this before and those piling on the short need to be mindful of year-end performance chase."
Historical data shows November has traditionally been a strong period for small-cap stocks, with the Russell 2000 Index gaining an average of 4.3% during the month since 2009.
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