NEW YORK, NOV 10 (Reuters) - Short interest on the Nasdaq fell 0.1 percent in late October, the exchange said on Tuesday, suggesting short investors were content to stay put as debate continues over the staying power of the stock market's rally.

As of Oct. 30, short interest fell to about 6.36 billion shares, compared with 6.37 billion shares as of Oct. 15.

The Nasdaq's short ratio, or the average number of days it would take to cover the outstanding short positions, increased to 2.89 days from 2.65 days in the previous two weeks.

Investors who sell securities "short" profit from betting stocks will fall. Short sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference. (Reporting by Edward Krudy; Editing by Jan Paschal)