AI aristocracy, Russell roulette and luxury's double-edged sword

Neutral is the new black

These 2 sentiment & positioning charts really scream "neutral". Especially the 2nd chart - we are right where we were 1 month and 3 months ago.

GS also says: "Our aggregate sentiment and positioning indicator declined during the summer, reconnecting with global composite PMIs, which already fell"

Source: Goldman

Source: Goldman

AI matters

Source: Soc Gen

30x

Source: Goldman

Long the wrong stuff

Source: DB

Apple and China - bark worse than the bite

Apple - must hold is here

Source: Refinitiv

Short the Russell in a recession scenario

Source: Soc Gen

Russell sucks

Source: Refinitiv

Europe woke up to the Chinese bear

Source: Refinitiv

Source: Refinitiv

HFs still all-in on Luxury

Source: JPM PI