Hedge funds betting against stocks globally abandoned those trades last week at the fastest pace since 2015, per Goldman Sachs.

Last week’s short-squeeze followed a post-Fed rally. The tech-heavy Nasdaq surged 3.25% on Thursday – its biggest one-day jump in over two months.

Despite the massive short covering, hedge fund managers do not seem to be more upbeat about markets. “Positioning isn’t ‘high’ and it doesn’t seem like many investors are bullish, per se,” JPMorgan’s Positioning Intelligence said, per Reuters.

The largest short positions held by hedge funds were in industrials and information technology companies, the Goldman note said. It added that hedge funds also exited many long positions in Asian developing markets and Chinese equities last week.

To see shorts: unusualwhales.com/shorts