Overweight - not morbidly obese
Crowded without climax
The froth is visible—MoMo baskets ripping, CTA length high, and hedge-fund nets near recent peaks. Yet several anchors keep the tape grounded: DB’s “overweight but not yet stretched” GS sentiment subdued, and BofA's sell-side indicator stubbornly unchanged. We have a hard time compartmentalizing the backdrop but the best we can come up with is that the stretch has slack.