Systematic Stock-Buying Maxed, VIX Squeeze Potential Builds

You've all heard me carry on recently about the potential for more re-leveraging from systematic cohorts as realized vol receded, and additional stock-buying from discretionary investors left in the lurch by a post-election melt-up that wrong-footed an over-hedged market. The point is (or was) that overall positioning wasn't as extreme as you might be inclined to believe given headlines touting record inflows to US equity-focused ETFs and mutual funds and the generally inexorable character of t