Blaming short sellers is misguided. European countries have banned short selling but their markets continue to fall.
Blaming short sellers is misguided. European countries have banned short selling, but their markets continue to fall.
On Tuesday, France, Italy and Belgium said they would ban short selling for the day. Spain went further: The Spanish regulator on Monday said its ban for all Spanish stocks would last for a month, and maybe longer. The regulator said the action has been taken "due to the extreme volatility taking hold of European securities markets ... and the risk of disorderly trading taking place in the following weeks.
Another fallacy: Short selling is somehow overwhelming the U.S. markets. Again, not true, says Dusaniwsky. That sounds like a lot, but it isn't: Dusaniwsky estimates there has been nearly $10 trillion worth of stock that has been traded in March in the U.S. markets, so the amount of new shorts created and indeed the total short interest is a tiny portion of trading activity.
It's obvious: A large part of the trading community has reduced the size of their positions. A lot of people have been rushing for the exits, with not a lot of buyers.
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