Five Charts That Scream "We Are Not There Yet"
The data that complicates the short case
ATHs. A face-ripping April. Even a textbook “shooting star.” If you’re looking for reasons to short, the setup feels irresistible. But here’s the problem: positioning says you’re early. Way too early. From Morgan Stanley to Goldman to JPM, fast money isn’t max long, it’s barely engaged. Gross and net leverage are subdued, tech just saw one of the biggest de-grossings in a decade, and even the “crowded” semis trade isn’t extreme.