With gross leverage now at 99th percentile highs, risk appetite is back

Marvelous May

We just completed the single best month of May for stocks in the last 35 years. As we have highlighter over and over again during the past few weeks, sentiment and positioning have been very light, which of course has helped the rally. However, now the anti-depressant drugs seem to really have kicked in for hedge fund managers... Here are 10 charts on some real pockets of exuberance.