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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
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01-07-2022 02:32:06 (UTC+7)

EUR/USD

1.0476

+0.0037 (+0.35%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

EUR/USD

1.0476

+0.0037 (+0.35%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

GBP/USD

1.2176

+0.0050 (+0.42%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

USD/JPY

135.66

-0.92 (-0.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

AUD/USD

0.6905

+0.0024 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

USD/CAD

1.2874

-0.0016 (-0.13%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

142.12

-0.46 (-0.32%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

1.0005

+0.0034 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Gold Futures

1,807.45

-10.05 (-0.55%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Silver Futures

20.265

-0.473 (-2.28%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Copper Futures

3.6885

-0.0920 (-2.43%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (0)

Crude Oil WTI Futures

105.80

-3.98 (-3.63%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Brent Oil Futures

109.13

-3.32 (-2.95%)

Summary

↑ Buy

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Buy (9)

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Indicators:

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Natural Gas Futures

5.582

-0.916 (-14.10%)

Summary

↑ Buy

Moving Avg:

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Sell (2)

Indicators:

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Sell (3)

US Coffee C Futures

230.28

+2.03 (+0.89%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (3)

Euro Stoxx 50

3,454.86

-59.46 (-1.69%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

S&P 500

3,789.60

-29.23 (-0.77%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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Sell (0)

DAX

12,783.77

-219.58 (-1.69%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

FTSE 100

7,169.28

-143.04 (-1.96%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

US Small Cap 2000

1,700.80

-12.52 (-0.73%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (0)

IBEX 35

8,098.70

-89.30 (-1.09%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

BASF SE NA O.N.

41.525

-0.055 (-0.13%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

56.72

-0.90 (-1.56%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (2)

Allianz SE VNA O.N.

182.12

-1.60 (-0.87%)

Summary

Sell

Moving Avg:

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Sell (6)

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Adidas AG

168.76

-1.26 (-0.74%)

Summary

Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (5)

Sell (3)

Deutsche Lufthansa AG

5.564

-0.249 (-4.28%)

Summary

↑ Buy

Moving Avg:

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Siemens AG Class N

97.09

-4.31 (-4.25%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (6)

Deutsche Bank AG

8.318

-0.253 (-2.95%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (4)

 EUR/USD1.0476↑ Buy
 GBP/USD1.2176↑ Buy
 USD/JPY135.66↑ Buy
 AUD/USD0.6905↑ Buy
 USD/CAD1.2874Sell
 EUR/JPY142.12↑ Buy
 EUR/CHF1.0005↑ Buy
 Gold1,807.45Buy
 Silver20.265Buy
 Copper3.6885↑ Buy
 Crude Oil WTI105.80↑ Buy
 Brent Oil109.13↑ Buy
 Natural Gas5.582↑ Buy
 US Coffee C230.28Neutral
 Euro Stoxx 503,454.86↑ Buy
 S&P 5003,789.60↑ Buy
 DAX12,783.77Neutral
 FTSE 1007,169.28Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,700.80↑ Buy
 IBEX 358,098.70Sell
 BASF41.525↑ Buy
 Bayer56.72Neutral
 Allianz182.12Sell
 Adidas168.76Buy
 Lufthansa5.564↑ Buy
 Siemens AG97.09↑ Sell
 Deutsche Bank AG8.318Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,810/ 6,870
(0/ 0) # 1,764
SJC HCM6,830/ 6,890
(0/ 0) # 1,783
SJC Hanoi6,830/ 6,892
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SJC Danang6,830/ 6,892
(0/ 0) # 1,785
SJC Nhatrang6,830/ 6,892
(0/ 0) # 1,785
SJC Cantho6,830/ 6,892
(0/ 0) # 1,785
Cập nhật 01-07-2022 02:32:09
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RON 95-V33.47034.130
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Cập nhật lúc 18:51:16 30/06/2022
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