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      VIX seasonality clockwork

      Chart 1 from Jan 13 when we reminded our readers about the VIX seasonality pattern. Time to put in the second red box in chart 2?

      VIX seasonality clockwork
      Source: Equity Clock
      VIX seasonality clockwork
      Source: Equity Clock
      US Fundamental L/S hedge fund leverage

      Gross leverage rose +1.4 pts to 213.3% (98th percentile, 3-year).

      Net leverage rose +0.4 pts to 52.2% (45th percentile, 3-year).

      US Fundamental L/S hedge fund leverage
      Source: GS PB
      CTAs sold a little

      CTAs exposure to equities off a little over the past 2 weeks.

      CTAs sold a little
      Source: Deutsche Bank
      BMI around 25

      Overall equity positioning is only modestly overweight (66th percentile).

      BMI around 25
      Source: Deutsche Bank
      Both back above 90

      Global hedge fund net and gross back above 90th percentile on a 1-year look-back.

      Both back above 90
      Source: JPM PI
      Adding risk

      HFs adding to gross in the US: 4wk gross flows at highest since mid-year.

      Adding risk
      Source: JPM PI