Short interest on US stocks is at multi-year highs: Short interest in the median S&P 500 stock is up to 3.0% of market cap, the highest since 2012. This is DOUBLE the levels seen during the 2020 pandemic. By comparison, at the peak of the 2008 Financial Crisis, short interest in the median S&P 500 stock stood at 3.8%. Furthermore, short interest among the most heavily shorted 10% of S&P 500 stocks is up to 8.0% of market cap, the highest since 2018. Both metrics are now even higher than during the bear market following the 2000 Dot-Com Bubble burst. Are markets setting up for a short-squeeze?(The Kobeissi Letter)