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Bearish Bets Are Dominating ETF Market Like 2008 All Over Again

(Bloomberg) -- A booming corner of the $6.2 trillion ETF market is sending ominous signals about the path ahead for US stocks. Trading in inverse ETFs -- vehicles that win when the...
Bearish Bets Are Dominating ETF Market Like 2008 All Over Again © Bloomberg. A bear statue stands outside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt. Photographer: Peter Juelich/Bloomberg

(Bloomberg) -- A booming corner of the $6.2 trillion ETF market is sending ominous signals about the path ahead for US stocks.

Trading in inverse ETFs -- vehicles that win when the market loses -- is eclipsing activity in bullish leveraged products by the widest margin since the financial crisis, according to data from Bloomberg Intelligence.

That looks like a fresh sign of disintegrating sentiment as the most aggressive Federal Reserve policy since 1994 fuels a bear market with few precedents. Leveraged long funds are almost always more popular than their bearish counterparts as traders seek to supercharge any market gains.

Now that dip-buying urge is evaporating, being replaced by demand for hedges amid this year’s broad stock losses.

“It makes sense to see inverse ETFs becoming more popular and receiving inflows,” said Peter Chatwell, head of global macro strategies trading at Mizuho International Plc. “For real money investors, downside protection of a portfolio is difficult to come by, particularly in a rising yield environment where government bonds don’t work well as a hedge.”

Usually, fixed income would outperform in a slowing economy, acting to counterweight falling equities. But the prospect of ever-tighter policy, inflation that keeps rising in spite of it, and a looming recession are crushing both stocks and bonds.

Read more: Wall Street Alarms Bell as 60/40 Set for Worse Quarter Than 2008

The surge in inverse ETF activity looks especially bearish since far more of the products use leverage than during the financial crisis. In fact, six of the 10 biggest inverse ETFs amplify their inverted returns.

The largest is the ProShares UltraPro Short QQQ (NASDAQ:SQQQ)), which delivers three times the inverse performance of the tech-heavy Nasdaq 100 Index. Its assets hit an all-time high of $4.1 billion last week. At the same time, money in its bullish leveraged counterpart, the ProShares UltraPro QQQ (NASDAQ:TQQQ), fell to the lowest in more than a year. 

“It shows the lack of conviction in the market -- investors are selling the rallies now versus buying the dips,” said Athanasios Psarofagis, an ETF analyst with Bloomberg Intelligence. “You can see the sea change in sentiment, even during March ’20, investors were buying the dip.”

©2022 Bloomberg L.P.

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BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
27-06-2022 06:05:34 (UTC+7)

EUR/USD

1.0568

+0.0014 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0568

+0.0014 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2292

+0.0029 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

USD/JPY

135.12

-0.06 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

AUD/USD

0.6956

+0.0008 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/CAD

1.2890

-0.0003 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

EUR/JPY

142.79

+0.12 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

1.0114

+0.0004 (+0.04%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (3)

Gold Futures

1,835.25

+7.15 (+0.39%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (3)

Silver Futures

21.233

+0.074 (+0.35%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

Copper Futures

3.7735

+0.0290 (+0.77%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

106.33

-0.73 (-0.68%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Brent Oil Futures

107.84

-1.26 (-1.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Natural Gas Futures

6.225

-0.056 (-0.89%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

223.40

-5.60 (-2.45%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0568↑ Buy
 GBP/USD1.2292↑ Buy
 USD/JPY135.12↑ Sell
 AUD/USD0.6956↑ Buy
 USD/CAD1.2890↑ Sell
 EUR/JPY142.79↑ Buy
 EUR/CHF1.0114Sell
 Gold1,835.25Neutral
 Silver21.233Neutral
 Copper3.7735↑ Sell
 Crude Oil WTI106.33↑ Sell
 Brent Oil107.84↑ Sell
 Natural Gas6.225Sell
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
Cập nhật 27-06-2022 06:05:36
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RON 95-V33.47034.130
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E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.828,4125.163,09
GBP27.747,3328.930,97
JPY167,31177,13
KRW15,4518,82
Cập nhật lúc 06:01:58 27/06/2022
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