Societe Generale's latest guide on Exchange Traded Funds notes a rise of bearish calls on U.S. exchange listed companies in the semiconductor and natural gas sectors. Short interest in both ETFs, Market Vectors Semiconductor ETF (MUTF:SMH) and United States Natural Gas Fund (NYSEARCA:UNG), has risen 391 percent and 243 percent respectively since December 2012.
The semiconductor industry shows cyclical growth with periods of boom driven by developments in the smartphone industry and pressures from inventory supply. Conforming with this view, Goldman Sachs in its note said that 2013 would be the year for another semiconductor boom....
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