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      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
      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
      Italy has always been the Med risk people talk about, but is Spain becoming the risky place to consider?

      Italian vs Spanish 10 yr. Of course, Italy has been enjoying the bullish local politics environment, hence the sharp drop in Italian yields, but Spanish risks are to be observed.

      Latest Spanish PMI shows services dropped to 42.4 from 47.7...reflecting a recession rather than the expected rebound.

      Italy has always been the Med risk people talk about, but is Spain becoming the risky place to consider?
      Source: Refinitiv
      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