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      Worried Wilson

      "Given our view that the earnings recession is far from over, we think March is a high risk month for the next leg lower in stocks...our top down earnings models suggest that NTM EPS estimates aren't likely to trough until September which would put the trough in stocks still in front of us...Investors who think stocks are attractive at current prices need to assume the NTM earnings cuts are done and will start to rise again in the next few months. This is the key debate in the market and our take is that while the economic data appears to have stabilized and even turned up again in certain areas, the negative operating leverage cycle is alive and well and will overwhelm any economic scenario (soft, hard or no landing) over the next 6 months."

      Worried Wilson
      Source: Morgan Stanley
      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