"Record Bullish Positioning": After 9 Weeks Of S&P Gains, The Tide Turns

Euphoria. That's the only word one can use to describe sentiment heading into the new year, but as Lester Burnham says in American Beauty, "it's all downhill from here."

As Goldman trader Cullen Morgan writes, after 9 consecutive weeks higher in the S&P (quite a rarity, see chart below), sentiment and positioning in US equities has turned the corner.