Bearish sentiment is through the roof: Median short interest in Russell 3000 stocks is up to 4.3%, the highest in 15 years. This is now 1.0 percentage point above the 2022 bear market levels. At the same time, short Interest in the energy sector ETF, XLE, is up to the highest since the 2008 Financial Crisis. Short interest in the sector has DOUBLED over the last few weeks, posting its most rapid jump this century. All while put options volume in the S&P 500 ETF, SPY, surged to 8.6 million contracts, the highest since "Liberation Day" in April 2025. Conditions are ripe for a short squeeze.(The Kobeissi Letter)