Schizophrenic Markets

Schizophrenic

Retail investors continue panic-buying equities, while institutions still look far more cautious, trimming exposure in some of the market’s most crowded trades.

At the same time, equity allocations just exploded higher, cash levels triggered a classic BofA sell signal, semis remain the number one crowded trade globally, and hedge fund short exposure has quietly surged to fresh 10-year highs.