The magic number 57.5% is reached
57.5% was the largest nominal loss for the bulls on March 9. This figure discounts dividends and assumes that you bought S&P at the peak and sold it at the trough. Today's 1050 on S&P represents a 57.5% nominal loss for the hypothetical short trader who sold S&P at 667 and covered today (again, discounting dividends). A silent tragedy unfolding stealthily before our eyes, without drawing a slighest attention from the media. So many people ignored the danger of shorting, it couldn't end well.