Fundamentals Are Strong, page-149

The drop in shorts from 182m to 164m seems like an error in the data so I won't be surprised to see it jump back up today. Reason I think it is a mistake is that there is a net short difference of 18m but volume appeared to only be 11m - so it doesn't make sense.

In other  news :

Generic and specialty drugmakers are among companies falling the most in today's health-care sector after earnings at Novartis' Sandoz unit were worse than expected on generic drug pricing pressures. The European drug-maker reported Sandoz sales that declined 5%, citing increased pricing pressures in the U.S., which posted a 15% drop on a constant currency basis.

• MNK -2.8%, ENDP -2.4%, PRGO -2%, MYL -1.9%, TARO -0.9%; TEVA -0.4%
• "The magnitude of U.S. weakness for Sandoz was surprising", RBC analyst Randall Stanicky wrote in earlier client note; cautious commentary around dermatology generics add to concerns first raised by Sun Pharma's Taro unit in May for Perrigo, which is most exposed.
• "U.S. generic market remains challenging as pricing remains in flux, and as such, investors should maintain caution in the generics space, Wells Fargo's David Maris wrote; pricing may worsen this year "as several large books of business in the U.S. are currently being renegotiated"
• Meanwhile, Goldman Sachs was a bit more sanguine in a note dated yesterday where analyst Jami Rubin said large-cap generics were trading at "steep discounts;" she predicts an inevitable but not imminent inflection for the sector, recommends remaining on sidelines though as timing will be hard to pin down; 2Q may show "continued weakness as deflation remains elevated".