A lot of extremes in November

The Market Ear Picture

Panic buying in a pic

CTAs have chased the brutal squeeze. Upside convexity played out well. The "easy" part of the trade is gone. Scott Rubner points out: CTAs are not short anymore...they are long $33bn of US equities having "printed" the largest buy over the past month, total almost $100bn. Chart shows the 2w rolling change in US CTA positioning. This is a crazy chart. Now there is actually downside convexity again in the SPX CTA estimates chart...