No, We Are Still Not There Yet
Bull in being bearish
After April’s face-ripping rally and pockets of excess creeping into parts of the market, it’s only natural that the short case is back on the table. Our Bloomberg inbox certainly reflects that, filled with calls to sell now. But as we highlighted on Saturday, the positioning data we track doesn’t support that view. If anything, it suggests investors are still far from fully committed. Here are a few more data points pointing in that direction.