-->(der Faulheit halber gleich mein englisches Posting)

Schaeffer's Research has published a bond indicator, the TLT short ratio. I have no experience with the TLT short interest indicator but it seems it is a smart money indicator. E.g., the lowest short ratio in the past 12 months was seen in August 2003 right at the yearly bottom; now we have the highest.
Any insights?
Thanks
Manfred