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      Pick up

      Biggest move higher in the AAII bull-bear spread in a while...although the spread remains at longer term depressed levels. Chart shows SPX vs the spread.

      Pick up
      Source: Refinitiv
      Size buying

      Garrett continues: "if everyone is so bearish, who is buying?"

      (un)natural answer = systematic community who have purchased ~100bn of global equities in the last 10 days.

      Size buying
      Source: GS
      You are consensus

      Goldman's derivatives guru Garrett: "if you’re bearish, you’re consensus … doesn’t mean you are wrong, but you are in the majority". On AAII sentiment he writes: "...investors have *never* been this consistently bearish… for 11 straight weeks, >50% or respondents have been negative on the market"

      You are consensus
      Source: GS
      We have seen this movie play out before

      USDJPY taking out the short term trend line having bounced on massive supports. Biggest difference to prior times, is that the JPY long is huge.

      We have seen this movie play out before
      Source: Refinitiv
      We have seen this movie play out before
      Source: GS