Maybe. The ETF managers may just cover their short positions to show something for the month. Obviously, everyone knows that the market is ahead of itself. Some correction will happen before year end rally. More clear direction will reveal in next two weeks.
Also it looks like the ETF managers of all inverse etfs have bailed out of their short positions because they seem to know about the possibility the markets will run up this qtr. They are letting the ETF float one on one. What do you think.
I think it depends if the bears decide to become bulls instead of initiating a new short position. The bears/bulls have both lost money this last quarter so they are in a quandary as to what to do. My gut tells me to stay on the short side.