It's like déjà vu all over again
FOMO is in full swing
Positioning and sentiment are not offering a safety net anymore…
Source: JPM
Source: JPM
Love for risk has spiked
Risky vs. safe assets fund flows. 4 weeks rolling flows, USD bn.
Source: EPFR
POLLS has spiked
They all look the same now, these indicators. Here Citi POLLS Indicator (Positioning, Optimism, Liquidity, Leverage,Stress).
Source: CITI
Sentiment spike
Average percentile of 16 different sentiment indicators.
Source: Goldman
EPS going down down down
All over the globe. Who cares...?
Source: FactSet
Earnings optimism was, at best, premature
Earnings estimates for the S&P 500 have dipped lower again in the last 4 weeks and look like they will continue to decline during Q3.
Source: FactSet
Too much optimism on inflation?
GS: "Inflation pricing remains below our economists' forecasts"
Source: Goldman
ChatGPT, why has AI stopped going up?
AI basket YTD (relative). Plateauing for more than a month. What if the next leg is lower...?
Source: JPM equity strategy
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