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      All-in

      Much more long-term indicator, but still worth remembering. Investors are now "all-in" on stocks with the highest equity allocation in history

      All-in
      Source: EPFR
      We are going to need a bigger chart

      US Fundamental L/S Gross leverage rose +3.1 pts to 213% which is the 99th percentile over the past 3 years.

      We are going to need a bigger chart
      Source: GS Prime
      Buy buy buy

      Global equities were net bought for the 6th week in a row. Both gross and net leverage rose, gross now at 99th percentile. Net leverage for the overall book now way above where we were when the liberation day sell-off started.

      Buy buy buy
      Source: GS Prime
      GS on the EUR: we see upside risks to our 12m target of 1.25

      Goldman says the EUR catch-up likely reflects:

      (i) an improving domestic coronavirus situation (especially vs the US)

      (ii) moderately hawkish comments from ECB officials in recent weeks

      (iii) possibly reserve rebalancing flows following EM intervention

      Goldman: "We expect the Euro to gain alongside broad Dollar weakness, and see upside risks to our 12m target of 1.25"

      GS on the EUR: we see upside risks to our 12m target of 1.25
      Source: Goldman
      Nets back at 93rd percentile

      HF net leverage is back to the 77th %-tile over the past 12m and 93rd %-tile over the past 3yrs.  

      Nets back at 93rd percentile
      Source: JPM PI
      Retail Army

       Retail flows have recently been stronger than average 

      Retail Army
      Source: Goldman
      One of the biggest increases in net

      The change in global HF net leverage among All strategies is showing one of the biggest increases on a rolling 8wk period (+2z from below -2z in early Apr)

      One of the biggest increases in net
      Source: JPM PI
      That is gross

      Gross leverage rose further in the past week and is back to the highest levels we’ve seen across All Strategies and among Equity L/S funds

      That is gross
      Source: JPM PI
      Just in time?

      Bears throwing in the towel and bulls getting excited just in time for the latest move lower in markets.

      Just in time?
      Source: LSEG Workspace
      Double top?

      SPX is trapped inside that rising wedge formation we have been pointing out for some time. Highs have been losing steam, and it looks like we could be making a big double top (with the second high lower). Let's see how this plays out, but the 21 day around 5950 (futures) is a key level to watch.

      Double top?
      Source: LSEG Workspace