Hedge funds turn bearish on S&P 500 as VIX advances
Investors using Standard & Poor’s 500 Index futures turned bearish this month for the first time since September 2012, concerned that emerging-market turmoil and signs of slower growth will drag equities down. Hedge funds and other large speculators have been net short for the last two weeks, wagering that the S&P 500 (SPX) will decrease in value, according to data compiled by Bloomberg and the U.S. Commodity Futures Trading Commission. The Chicago Board Options Exchange Volatility Index, used to hedge against S&P 500 moves, rose above its average since 2012 last week as investors sought protection against a slide in stocks.
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