As Stocks Hit All-Time Highs, Hedge Funds Are Massively Shorting Stocks

We're there again: after gains in 11 of the past 12 weeks, the S&P finally reached its first all time high in over 746 days. 

What is more remarkable about the new record high is the violent rotation below the surface. As Goldman's William Hosbein notes, quality and secular winners have trounced the low quality, unprofitable cohort. As shown below, the pair (GSPUMENP) is having its best month ever.