The biggest gainers in the U.S. stock market today are the Financials, Home Builders, Restaurants, Airlines, Hotels, and Consumer Discretionary companies.
All of these sectors have been heavily shorted with 10% or more of the outstanding shares being bet against.
Traders are unwinding these short positions resulting in large gains of 5% or more in these stocks.
Both high-quality and low-quality companies are increasing in value today.
This is a good time to continue to hold certain high-quality names for the long-term while taking profits or establishing new short positions in lower quality names.
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