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Exchange-traded funds (ETFs) are often promoted as an efficient way for investors to establish broad exposure to an entire portfolio of securities with a single transaction. Under ideal market conditions, when investors might adopt a generally bullish stance, this can be a great approach.

We are bearish on all American bear market ETFs. Measuring the purchase levels of short ETFs replaces the old, odd lot and total short selling indicators so popular in the 1960s, 70s and 80s.

This is a weekly series focused on analyzing the previous week’s economic data releases. The objective is to concentrate on leading indicators of economic activ