Positioning: not extremely extreme yet
JPM on aggregate positioning levels..."more room to fall to get to prior extremes? The average 1-yr z-score is near a -2z level (i.e. quite low) for the 6 positioning level metrics in our Tactical Positioning Monitor (TPM). However, when using the full historical data available for each time series, the low was -1.4z in Feb 2016, -1.8z in Dec 2018, and -1.6z in Mar 2020. This compares to the latest reading as of Mon at only -0.8z, i.e. there's still room for this to fall"