CTAs Are Now Sellers In Every Scenario

Back in April, with sentiment was apocalyptic and hedge funds were shorting stocks in record amounts, we bottomed just around the time CTAs and other systematic funds went 100% net short and - as we reported at the time - started to buy, either as a result of VIX resetting or because stocks rose above key CTA thresholds. This was the bottom. 

SPX rises above first CTA buy trigger: