bearish
Investors Are Max Long Stocks & Bearish Commodities
SUMMARY
- While the sentiment around the “long US equities trade” seems to be extended and due for a correction, the bearish positioning in commodities and energy is reasonable and we also expect this trend to continue for a little while.
- The latest BofA fund manager survey showed how extreme the position is currently and how little cash professional investors currently have to allocate.
- FMS cash level fell from 4.3% to 3.9% of AUM, matching the lowest level since Jun '21.
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