One Thing I'm Watching: It's All About Positioning

Here’s some good news for war-weary investors: The Nasdaq composite is now finally higher than it was when the conflict with Iran began. Data from Goldman Sachs’ prime brokerage unit shows that a large share of hedge-fund buying Wednesday—when global stocks fiercely rallied—was driven by short covering. On a global basis, Goldman said short covering outpaced long buying by 2.7 to 1.