From Agony to Euphoria - But First Watch These Charts

Two weeks of "agony"

Two weeks ago positioning was falling, HFs were net sellers, hedging was picking up, CTAs were cutting exposure, and Retail flow was fading. Shorts were working, and HF alpha held up. Now everything has flipped, buying has surged across cohorts, the 1-week change in JPM's US Tactical Positioning Monitor is at +3σ, shorts are squeezing, and North America HF performance has turned tougher MTD.