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    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
    Perfect score for weaker equities

    Morgan Stanley: what happens when one or more of these five things are happening?

    1) SPX forward earnings declining 

    2) yield curve inverted

    3) Unemployment below avg

    4) Mfg PMIs < 50

    5) 40% of banks tightening lending standards.

    “All five are in place today, which is rare.”

    Perfect score for weaker equities
    Source: Morgan Stanley
    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
    Gone

    Mighty euro breaking below the steep trend line, trading well below the 21 day for the first time since the squeeze began. 50 day down at 1.10.

    Gone
    Source: Refinitiv
    Make the dollar great again

    DXY taking out the negative trend channel, trading well above the 21 day moving average. 50 day is way higher...

    Make the dollar great again
    Source: Refinitiv
    Et tu ETH

    ETH crushing the negative trend line, and despite the massive squeeze we remain trading way below the 200 day.

    Et tu ETH
    Source: Refinitiv
    BTC seasonality

    Got those cheap options plays on?

    BTC seasonality
    Source: SentimenTrader
    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