Stocks Aren’t Out Of Melt-Up Fuel Yet

With all the talk of record (or near record) inflows to US equity funds, and with Trump-inspired "animal spirits" coursing through the veins of everyone from PMs to meme "coiners," it'd be natural to suspect positioning's stretched in risk assets. As it turns out, though, it's not. Or not dangerously so anyway, and not necessarily where it counts. "Retail is absolutely jamming into this slow melt-up in US equities as per the current record AUM in leveraged ETFs [but] as it stands now, I don't