Hartnett: "Shocking. Positively Shocking"

For much of the post-May breakout rally, which finally pushed the S&P above the 4,200 resistance that had proven a formidable hurdle to US stocks since last August, and which we now know was breached not only due to one of the biggest short squeezes in history where hedge funds were forced to scramble in covering the most shorted names in the process moving the entire market higher (while crushing their own P&Ls, the chart below shows just how inverted the post-May relationship between the S&P and L/S portfolios had become)...

... but also due to record buying by foreigners in the month of June as we first pointed out last Tuesday...