The Most Hated High Ever?
Surprisingly restrained
If you only looked at the S&P 500, you'd assume investors were drunk on optimism. Yet, dig beneath the surface, and the opposite picture emerges. Hedge fund leverage sits near one-year lows, positioning remains surprisingly neutral, active managers have been de-risking, and several sentiment gauges are still nowhere near euphoric. Here are eleven charts that suggest this rally remains far cleaner than most realize.