The largest exchange - traded fund tracking U.S. equities got a little bit bigger, even as shares plunged amid the GOP's failed attempt to repeal Obamacare. The SPDR S&P 500 ETF grew by $3.8 bln. to $237.6 Bln. in the five days through Friday, while short interest was unchanged, according to data complied by Bloomberg.
Eric Balchunas, said" I'm not sure it speaks to some contrarian indicator, but the fact that $10 billion didn't flow out is a good sign for the market. It shows no one panicked".
It is possible that the S&P will continue to head higher after this short and small correction.
Source: Bloomberg
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