Low Short Interest

The fever's hot
The winds are blowin' cold
The captain's crazy eye
Puts the fear in your soul
--Jay Ferguson

Always cause for pause when short interest probes cycle lows. Suggests giddy sentiment and too many investors sitting on same side of boat.

Short interest in SPY lowest in 2y@IHSMarkit @business @SoberLook pic.twitter.com/yl56bMHW7r

— Liz Ann Sonders (@LizAnnSonders) January 9, 2020

Never matters till the boat capsizes.