Short sellers are capitulating: Short interest as a % of shares outstanding on the S&P 500 ETF, SPY, is down to ~9%, near the lowest in 8 years. At the same time, short interest in the Nasdaq 100 ETF, QQQ, is down to ~6%, the lowest since at least 2018. Short interest levels for both ETFs have HALVED since 2023, following the end of the 2022 bear market. Over the last 2 years, the average short interest has been well below 10%. By comparison, in 2018-2022, the average was ~14%. Stock market short bets are getting crush.(The Kobeissi Letter)