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