Long Onlies Buy, Hedge Funds Sell: Market Flows And Positioning Full Summary

Dovish macro data (a big miss in both the CPI and PPI), and early indications that the impact from tariffs might be far more benign than feared, buoyed US Equities in the first half of last week, before giving way to rising geopolitical tensions, which ultimately dragged the S&P500 lower (although those have now reversed too as the BTFD brigade has arrived).

The flow picture continues to be one of non-economic players providing less support