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Chart Of The Day: Even The Bears Are Long…
How do you know when the euphoria has reached a fever pitch?
Well, one indication might be when you poll active money managers, ask them to provide a number that represents their overall equity exposure, and the most bearish responses you get are still bullish.
Every week, the NAAIM asks member firms to choose a number that indicates how they're positioned. The range of possible responses is as follows:
200% Leveraged Short
100% Fully Short
0% (100% Cash or Hedged to Market Neutral)
100% F
Looks like a top to me… but no clear catalyst for decrease. I say we trade near sideways for awhile