The Financial Post reports in its Thursday edition that short sellers are up $159-billion in paper profits over just six trading days after an escalating trade war sent the U.S. stock market falling more than 10 per cent (all figures U.S.). A Bloomberg dispatch to the Post says the biggest market drawdown since 2022 on President Donald Trump's pronouncement of sweeping worldwide tariffs made bets against an exchange-traded fund tracking the S&P 500 Index, known as SPY, the most profitable short bet in that time frame. Traders wagering that the ETF would fall have so far accumulated paper profits of more than $6.1-billion this month. With another $46-billion of new short bets made in April, there is a risk those contrarian wagers further amplify the next big shift, especially if current weakness reverses and sends the major indexes higher. Other bets that netted shorts the most gains include Apple, Nvidia and Tesla. The Invesco QQQ Trust Series, which tracks the Nasdaq 100 Index, rounds out the top five most-profitable short trades so far in April, netting paper profits of more than $2-billion. Experts warn volatility will increase when short sellers switch to FOMO and momentum buying once the bottom is reached.