Short Interest on S&P Hits New Lows

That's remarkable. The S&P 500 P/E is over 36, which means that prices are far out of keeping with earnings. It would take 36 years for these stocks to pay out their profits as dividends to make up the price of the stock itself, like paying 2% interest. The P/E is not a perfect metric, but a number that big often presages a crash.

I know that the pandemic is throwing things out of whack; companies with sound businesses will all be having a had year at once. And TFA suggests that people believe the Fed will prop up stocks indefinitely. Still, I'd expect more people to be anticipating a crash and shorting the S&P.