Themes Viewboard
ANALYSTDIRECTIONTOPICSUMMARYHORIZONFRESH
AI
38 Views
Mohamed El-Erian FED · POLICY ERROR BULLISH Weak
AI AI pessimism in media coverage may overshoot after the recent price decline, potentially creating a near-term contrarian opportunity for the theme. DIRECTION ONLY
Week 8h
Keith McCullough QUAD REGIME · FUNNEL BEARISH Strong
AI AI bubble stocks should be exited, as factor baskets rotate toward oil and energy stocks rather than speculative technology exposure. DIRECTION ONLY
Week 10h
Steve Hanke MONEY SUPPLY BEARISH Moderate
AI AI bubble is starting to show cracks, signaling a deteriorating near-term outlook and rising fragility across the artificial-intelligence investment theme. DIRECTION ONLY
Month 1d
Michael Kantrowitz HOPE CYCLE NEUTRAL Neutral
AI AI earnings remain strong, but technology-stock returns face elevated expectations for roughly 43% annual EPS growth over the next five years. DIRECTION ONLY
Year 1d
Darius Dale REGIME NOWCAST · FUNNEL BEARISH Strong
AI AI capex returns face material long-term risk from potential redistributive policies beginning in 2028, threatening return on invested capital rather than data-center demand. DIRECTION ONLY
Year 1d
Liz Ann Sonders US EQUITY MACRO BULLISH Moderate
AI AI investment and buildout helped drive business investment up 12.7% in the third quarter, its strongest increase since the third quarter of 2020. DIRECTION ONLY
Year 1d
David Keller TECHNICAL · FINAL BAR BEARISH Moderate
AI AI trade is weakening as $GOOGL, $INTC, and $AMZN are getting hammered, while investors increasingly distinguish winners from losers. DIRECTION ONLY
Week 1d
Andreas Steno Larsen GLOBAL MACRO BULLISH Moderate
AI AI suppliers should not be punished alongside hyperscalers for elevated capital expenditures, separating their outlook from concerns over spending intensity. DIRECTION ONLY
Month 2d
Peter Boockvar DATA REACTION BEARISH Moderate
AI AI trade tremors or ruptures over the next six weeks would threaten capital-expenditure spending, economic growth, and a meaningful portion of the stock market. DIRECTION ONLY
Month 2d
Bob Elliott MACRO ALLOCATION BEARISH Strong
AI AI boom is increasingly reliant on participants making large forward cash commitments, with Google’s nearly $1 trillion announcement underscoring the financing risk. DIRECTION ONLY
Year 2d
Jim Bianco RATES & FIXED INCOME BULLISH Moderate
AI AI remains structurally underappreciated on Wall Street, where firms have barely adopted it beyond basic search-like uses and regulatory fears restrain internal development. DIRECTION ONLY
Year 3d
Jurrien Timmer LONG-HORIZON MACRO BULLISH Weak
AI AI basket is sitting on support after a 22% drawdown since early June, framing a potential stabilization in the AI trade. DIRECTION ONLY
Month 4d
Lance Roberts MACRO · POSITIONING BULLISH Moderate
AI AI is generating real revenue and potentially real profits, although only scalable, well-funded companies with viable business models are likely to become long-term winners. DIRECTION ONLY
Year 4d
Charlie Bilello DATA · BREADTH BEARISH Moderate
AI AI spending faces growing investor skepticism because massive expenditures carry uncertain future returns, favoring companies with stronger free cash flow generation. DIRECTION ONLY
Year 4d
Tom Lee US EQUITY STRATEGY BULLISH Strong
AI AI trade remains a high-conviction thesis, with the current selloff expected to end and the broader advance to resume. DIRECTION ONLY
Month 5d
Danielle DiMartino Booth LABOR INTERNALS BEARISH Moderate
AI AI has not yet improved revenue growth or margins outside technology, leaving the broader S&P 493 without evidence of meaningful bottom-line benefits. DIRECTION ONLY
Year 7d
Jeffrey Snider DOLLAR LIQUIDITY BEARISH Strong
AI AI faces a difficult path to delivering on debt-funded investment promises, leaving companies vulnerable even if the technology ultimately works. DIRECTION ONLY
Year 8d
David Rosenberg RECESSION RISK BEARISH Moderate
AI AI capital spending is concentrating resources in data construction while weakening other business investment, failing to create the broad economic lift of the internet era. DIRECTION ONLY
Year 11d
David Woo RATES · FX · GEOPOLITICS BEARISH Strong
AI AI faces mounting valuation, financing, competition, and security risks, while political support could weaken after the midterms, leaving the trade vulnerable despite intervention support. DIRECTION ONLY
Year 13d
Jason Shapiro POSITIONING · COT BULLISH Moderate
AI AI investment demand will continue until available cash runs out, with the technology expected to deliver unprecedented productivity despite financing constraints. DIRECTION ONLY
Year 14d
Peter Reznicek MARKET PROFILE · ES BEARISH Moderate
AI AI financing concerns are accelerating after CoreWeave stress, raising the risk that contagion could spread through the broader AI trade. DIRECTION ONLY
Week 14d
Joseph Wang FED PLUMBING BEARISH Strong
AI AI trade faces widening cracks from faster Chinese hardware competition, leveraged neocloud strain, and weaker-than-expected model-builder revenue growth. DIRECTION ONLY
Month 14d
Brian Shannon TECHNICAL · AVWAP BEARISH Strong
AI The AI trade remains under seller control below declining five-day moving averages, with repeated technical support levels failing across the group. DIRECTION ONLY
Week 15d
Eric Basmajian BUSINESS CYCLE BULLISH Moderate
AI AI adoption is already producing measurable productivity gains in early data, with broader aggregate effects constrained by still-low adoption. DIRECTION ONLY
Year 15d
Brent Kochuba GAMMA · 0DTE · FUNNEL BULLISH Moderate
AI Higher equity dispersion is a bullish signal because it indicates investors are returning to AI names, although current dispersion remains only mild. DIRECTION ONLY
Month 16d
Ben Carlson ALLOCATION · BEHAVIOUR BULLISH Moderate
AI AI boom remains resilient to higher interest rates, despite recent claims that Federal Reserve policy is killing the trade. DIRECTION ONLY
Year 16d
Mike Green PASSIVE FLOWS · STRUCTURE BEARISH Strong
AI AI’s exploding local compute token supply resembles broadband 2.0 and could be materially worse without strong evidence to the contrary. DIRECTION ONLY
Year 17d
Cem Karsan DEALER GAMMA · VOL BEARISH Strong
AI AI hyperscalers’ massive capital spending and growing credit exposure may leave headline earnings masking weakening operating cash flow, making leading names increasingly vulnerable. DIRECTION ONLY
Year 22d
Brent Johnson DOLLAR MILKSHAKE BULLISH Moderate
AI AI should deliver a long-term step change for humanity and economic output despite short-term disruption, a long-standing position rather than a fresh call. DIRECTION ONLY
Year 23d
Luke Gromen FISCAL DOMINANCE BEARISH Moderate
AI AI productivity gains appear insufficient to prevent a return to quantitative easing despite above-target inflation, undermining the expected productivity miracle. DIRECTION ONLY
Year 23d
Julien Bittel LIQUIDITY · CYCLES BULLISH Strong
AI AI buildout demand already exceeds available capacity, with cloud-provider backlog above $2 trillion and capacity expected to remain tight through 2027. DIRECTION ONLY
Year 29d
Chris Ciovacco TREND · CYCLE BULLISH Moderate
AI Artificial intelligence and technology stocks have recovered above the 38.2% retracement, with weekly relative strength looking better than January 2022. DIRECTION ONLY
Month 35d
Peter Schiff AUSTRIAN · GOLD BULLISH Strong
AI AI-driven automation that delivers goods and services without human labor would be a win for humanity rather than a threat to employment. DIRECTION ONLY
Year 46d
JC Parets INTERMARKET · RS BULLISH Moderate
AI AI should be embraced rather than avoided, maintaining a constructive long-term stance toward artificial intelligence despite bearish media coverage this morning. DIRECTION ONLY
Year 49d
Dan Nathan OPTIONS POSITIONING BEARISH Strong
AI AI models appear stuck in an iPhone 5 moment, still useful but no longer improving dramatically enough to sustain enthusiasm. DIRECTION ONLY
Year 56d
Benn Eifert VOL · DERIVATIVES BULLISH Weak
AI AI adoption across the middle of the curve faces bottlenecks beyond model capability, limiting how rapidly improving performance translates into broad deployment. DIRECTION ONLY
Year 57d
Mark Newton INSTITUTIONAL TECHNICALS BULLISH Strong
AI AI spending is expected to remain in a substantial secular boom for the next couple of years despite choppiness through October and the election. DIRECTION ONLY
Year 59d
Ed Yardeni EARNINGS · PRODUCTIVITY BULLISH Strong
AI AI capital spending remains a boom that reinforces economic resilience alongside strong consumer spending and substantial household wealth. DIRECTION ONLY
Year 81dTariffs & Geopolitics
16 Views Steve Hanke MONEY SUPPLY HIGHER Moderate
Tariffs & Geopolitics Tariffs protect consumers against low prices, implying greater tariff pressure would raise costs rather than deliver economic protection. DIRECTION ONLY
Year 13h Luke Gromen FISCAL DOMINANCE HIGHER Strong
Tariffs & Geopolitics Iran intervention risks becoming an open-ended military commitment, extending geopolitical pressure on US markets for years rather than producing a quick resolution. DIRECTION ONLY
Year 3d Peter Schiff AUSTRIAN · GOLD HIGHER Strong
Tariffs & Geopolitics Trump’s tariffs have failed to restore U.S. manufacturing, leaving the economy more dependent on foreign producers while import costs rise. DIRECTION ONLY
Year 3d Jim Bianco RATES & FIXED INCOME HIGHER Strong
Tariffs & Geopolitics US tariffs are an intentional, durable protection of domestic manufacturing and are unlikely to be removed, preventing a return to goods deflation. DIRECTION ONLY
Year 8d Darius Dale REGIME NOWCAST · FUNNEL HIGHER Strong
Tariffs & Geopolitics The probability of major US political realignment and total war is rising, warranting family and wealth contingency planning. DIRECTION ONLY
Year 8d Mohamed El-Erian FED · POLICY ERROR HIGHER Moderate
Tariffs & Geopolitics National security, geopolitics, and domestic politics will increasingly shape economic outcomes as part of a broader geo-economic shift. DIRECTION ONLY
Year 8d Andreas Steno Larsen GLOBAL MACRO HIGHER Moderate
Tariffs & Geopolitics Trump’s reversals on Ukraine-related commitments make conditions increasingly impossible for allies to navigate, raising uncertainty and near-term geopolitical pressure across markets. DIRECTION ONLY
Week 17d Jeffrey Snider DOLLAR LIQUIDITY HIGHER Moderate
Tariffs & Geopolitics Chinese overcapacity is increasing trade pressure on Europe, where protection would raise consumer costs and invite retaliation against Chinese imports. DIRECTION ONLY
Month 21d Joseph Wang FED PLUMBING BEARISH Moderate
Tariffs & Geopolitics A diplomatic Middle East deal is increasingly likely before the midterms, while renewed military action against Iran remains unlikely. DIRECTION ONLY
Month 21d Brent Johnson DOLLAR MILKSHAKE HIGHER Strong
Tariffs & Geopolitics Great-power competition with China should force countries to take sides and persist for years or decades, reversing globalization’s long prior trend. DIRECTION ONLY
Year 23d Charlie Bilello DATA · BREADTH HIGHER Moderate
Tariffs & Geopolitics America’s goods trade deficit increased 8% to $2.06 trillion over the last 20 months despite tariffs, signaling persistent trade pressure rather than deficit improvement. DIRECTION ONLY
Year 25d David Woo RATES · FX · GEOPOLITICS HIGHER Moderate
Tariffs & Geopolitics US threats to annihilate Iran are aimed at reassuring Saudi Arabia and deterring a strategic pivot toward China, raising geopolitical pressure. DIRECTION ONLY
Month 33d Liz Ann Sonders US EQUITY MACRO HIGHER Moderate
Tariffs & Geopolitics Escalation of the U.S.-Canada trade war could disrupt lumber supplies, with Canada accounting for 44% of U.S. wood imports last year. DIRECTION ONLY
Month 50d Cem Karsan DEALER GAMMA · VOL HIGHER Strong
Tariffs & Geopolitics Trump tariffs are portrayed as illegally imposed charges that raised consumer costs without creating jobs, while refund rights enriched politically connected interests. DIRECTION ONLY
Year 58d Bob Elliott MACRO ALLOCATION HIGHER Strong
Tariffs & Geopolitics US-Iran War-related market pain is likely to persist across US trading conditions and risk assets through at least year-end. DIRECTION ONLY
Year 59d Lance Roberts MACRO · POSITIONING HIGHER Moderate
Tariffs & Geopolitics Tariffs, geopolitical tensions and reshoring are weakening globalization today, although businesses may return to offshore production in the next disinflationary cycle. DIRECTION ONLY
Month 66dEarnings
20 Views Michael Kantrowitz HOPE CYCLE HIGHER Moderate
Earnings Earnings are still booming in Q3 overall, although sustaining approximately 43% annual technology EPS growth for the next five years remains uncertain. DIRECTION ONLY
Month 1d Lance Roberts MACRO · POSITIONING HIGHER Moderate
Earnings Earnings remain fine at the three hyperscalers despite investor focus shifting toward negative free cash flow, debt financing, and escalating AI capex. DIRECTION ONLY
Month 1d Jurrien Timmer LONG-HORIZON MACRO LOWER Moderate
Earnings Earnings growth appears to be approaching a peak as the gap between next-12-month estimates and trailing earnings decelerates, limiting investors’ willingness to pay higher multiples. DIRECTION ONLY
Year 2d Cem Karsan DEALER GAMMA · VOL HIGHER Moderate
Earnings Earnings growth has been driven by roughly $50 trillion of new market collateral created when equities rise 10% to 20%. DIRECTION ONLY
Month 3d Eric Basmajian BUSINESS CYCLE HIGHER Strong
Earnings Pretax profit margins for the 50 largest non-financial public companies surged 19.6% at the end of Q2, heavily influenced by the largest technology firms. DIRECTION ONLY
Year 9d Darius Dale REGIME NOWCAST · FUNNEL HIGHER Strong
Earnings US corporate profits are in the early innings of a productivity boom, supported by early Q3 earnings reporting and Anthropic's historic compute commitments. DIRECTION ONLY
Year 10d Andreas Steno Larsen GLOBAL MACRO HIGHER Strong
Earnings The earnings cycle continues to accelerate, with a new massive record in Korean exports overnight reinforcing the improving global demand backdrop. DIRECTION ONLY
Month 10d Chris Ciovacco TREND · CYCLE HIGHER Moderate
Earnings Corporate earnings could be considerably more favorable than during the 2022 bear market if contained inflation prevents a similarly prolonged Federal Reserve tightening cycle. DIRECTION ONLY
Year 14d Jason Shapiro POSITIONING · COT LOWER Moderate
Earnings Earnings remain strong in absolute terms but are no longer beating elevated expectations, reducing their ability to support the market. DIRECTION ONLY
Week 17d David Keller TECHNICAL · FINAL BAR LOWER Moderate
Earnings Earnings reactions remain muted and weak in the financial-heavy reporting period, rather than delivering the upside catalyst needed for stronger charts. DIRECTION ONLY
Month 17d Charlie Bilello DATA · BREADTH HIGHER Strong
Earnings S&P 500 profits are on pace to surge 34% this year and another 15% in 2027, totaling 54% growth in two years. DIRECTION ONLY
Year 18d Danielle DiMartino Booth LABOR INTERNALS LOWER Moderate
Earnings Corporations have yet to realize productivity gains sufficient to justify AI costs, while limits on charging U.S. consumers could constrain monetization. DIRECTION ONLY
Year 23d Bob Elliott MACRO ALLOCATION LOWER Moderate
Earnings Analyst earnings momentum has recently turned negative, ending the longest run of U.S. earnings upgrades in five years. DIRECTION ONLY
Month 31d Mohamed El-Erian FED · POLICY ERROR HIGHER Strong
Earnings Earnings are expected to remain robust, providing sufficient support for the stock market to continue outperforming expectations in the near term. DIRECTION ONLY
Month 39d David Woo RATES · FX · GEOPOLITICS HIGHER Moderate
Earnings Corporate earnings have demonstrated strong resilience, with Q2 results up 32% excluding two companies’ investment gains, contingent on how quickly AI hardware depreciates. DIRECTION ONLY
Year 41d Julien Bittel LIQUIDITY · CYCLES HIGHER Strong
Earnings Corporate earnings continue rising strongly enough to offset valuation-multiple compression from higher yields, keeping US equities resilient rather than signaling stagflation. DIRECTION ONLY
Month 46d Jim Bianco RATES & FIXED INCOME HIGHER Strong
Earnings S&P 500 earnings are accelerating between 30% and 50%, with Anthropic-related other income at Amazon and Alphabet contributing $200 billion. DIRECTION ONLY
Year 47d Keith McCullough QUAD REGIME · FUNNEL HIGHER Moderate
Earnings Earnings growth of 52% mattered for the market over the last month, though EPS season has ended and the next catalyst now takes focus. DIRECTION ONLY
Month 64d Steve Hanke MONEY SUPPLY LOWER Strong
Earnings Big-tech earnings quality has deteriorated as valuation gains on equity stakes exceed core operating profits at Alphabet and Amazon, turning the valuation bubble into an earnings bubble. DIRECTION ONLY
Year 76d Ed Yardeni EARNINGS · PRODUCTIVITY HIGHER Strong
Earnings Earnings are expected to continue surprising to the upside, supported by an economy that remains resilient through the end of the decade. DIRECTION ONLY
Year 80dPositioning & Vol
32 Views Jason Shapiro POSITIONING · COT NEUTRAL Neutral
Positioning & Vol Positioning has returned to neutral after a 20% move over eight weeks, removing the prior crowding signal and leaving no directional setup. DIRECTION ONLY
Week 23h Keith McCullough QUAD REGIME · FUNNEL NEUTRAL Neutral
Positioning & Vol Long-only retirement account gained 4 basis points today, reflecting a modest positive daily performance without an explicit directional market call. DIRECTION ONLY
Week 1d Jurrien Timmer LONG-HORIZON MACRO HIGHER Moderate
Positioning & Vol Equity-bond return correlations should ultimately revert to the prevailing positive-correlation regime as the current growth scare fades, with nominal yields near 5%. LEVELS · TARGET 5
Year 1d Lance Roberts MACRO · POSITIONING HIGHER Moderate
Positioning & Vol Value stocks are increasingly overbought while growth stocks are oversold, setting up a potentially significant rotation back into growth within several trading sessions. DIRECTION ONLY
Week 1d Brent Kochuba GAMMA · 0DTE · FUNNEL BEARISH Moderate
Positioning & Vol SPX 0DTE straddle is 40 points as ES futures trade down 80 points, signaling elevated near-term volatility around the index. DIRECTION ONLY
Week 1d David Keller TECHNICAL · FINAL BAR LOWER Moderate
Positioning & Vol Volatility continues drifting lower, as options markets expect limited near-term disruption to major indexes despite sharp weakness in hyperscalers including $GOOGL. DIRECTION ONLY
Week 2d JC Parets INTERMARKET · RS BULLISH Moderate
Positioning & Vol Individual investor sentiment remains persistently bearish despite the average S&P 500 stock rising more than 4.5% this month and nearing a record monthly close. DIRECTION ONLY
Month 2d Liz Ann Sonders US EQUITY MACRO HIGHER Moderate
Positioning & Vol Market breadth has turned around after looking worryingly narrow last month, with the S&P 500 Equal Weight outperforming cap weight by roughly four percentage points over 21 trading days. DIRECTION ONLY
Week 5d Michael Kantrowitz HOPE CYCLE BEARISH Moderate
Positioning & Vol Positioning may shift away from speculative beta toward quality, cash flow, profitability, balance-sheet strength, and earnings momentum in the next cycle phase. DIRECTION ONLY
Year 6d Jim Bianco RATES & FIXED INCOME HIGHER Strong
Positioning & Vol Inflation volatility is likely to remain elevated as tariffs change frequently, supply-chain disruptions persist, and goods prices face wider swings. DIRECTION ONLY
Year 8d Darius Dale REGIME NOWCAST · FUNNEL HIGHER Strong
Positioning & Vol Cross-fund contagion following the global buy-side drawdown has increased the risk of volatile Q4 2018-style market dynamics during the fourth quarter. DIRECTION ONLY
Month 8d Peter Reznicek MARKET PROFILE · ES HIGHER Strong
Positioning & Vol Equity-market positioning remains highly unstable, with repeated technical signals quickly reversing and trapping participants on both long and short positions. DIRECTION ONLY
Week 8d Tom Lee US EQUITY STRATEGY BEARISH Moderate
Positioning & Vol A market bubble is unlikely to form while bond markets continue limiting access to plentiful funding for risk-taking. DIRECTION ONLY
Year 8d Chris Ciovacco TREND · CYCLE HIGHER Moderate
Positioning & Vol $VIX is up double digits as AI and technology weaken, signaling elevated near-term market volatility despite positive equal-weight breadth and junk credit intraday. DIRECTION ONLY
Week 9d Andreas Steno Larsen GLOBAL MACRO HIGHER Moderate
Positioning & Vol Market positioning and speculative sentiment appear increasingly crowded as attention suddenly concentrates on a small Korean neocloud company. DIRECTION ONLY
Week 11d Joseph Wang FED PLUMBING BULLISH Strong
Positioning & Vol Equity volatility is elevated as VIX rose above 20 despite a modest S&P decline, with steepening skew signaling increased put demand. DIRECTION ONLY
Week 14d Danielle DiMartino Booth LABOR INTERNALS HIGHER Moderate
Positioning & Vol Margin debt has risen 1.8% month over month to $1.48 trillion, up 31% year over year and near a record high, increasing leverage risk. DIRECTION ONLY
Month 15d Cem Karsan DEALER GAMMA · VOL HIGHER Strong
Positioning & Vol Market volatility should rise as bond volatility and CDS breakouts contrast with a complacent VIX, exposing a fragile equity-market structure dependent on compressed volatility. DIRECTION ONLY
Month 17d Jeffrey Snider DOLLAR LIQUIDITY HIGHER Strong
Positioning & Vol Market breadth is exceptionally narrow and risk aversion is rising rapidly, leaving equities more vulnerable if credit conditions continue to tighten. DIRECTION ONLY
Week 18d Steve Hanke MONEY SUPPLY BEARISH Moderate
Positioning & Vol S&P 500 market breadth remains weak, with only 33% of constituents above their 50-day averages after deteriorating sharply since late July. DIRECTION ONLY
Week 18d Charlie Bilello DATA · BREADTH HIGHER Strong
Positioning & Vol S&P 500 concentration has reached a record 39.5% in its top 10 holdings, the highest level in data back to 1980. DIRECTION ONLY
Year 18d Bob Elliott MACRO ALLOCATION HIGHER Moderate
Positioning & Vol S&P 500 concentration is unusually elevated, with roughly 60% of constituent stocks below their 200-day moving averages despite the index reaching highs. DIRECTION ONLY
Week 22d Mohamed El-Erian FED · POLICY ERROR HIGHER Moderate
Positioning & Vol US yield-curve volatility has surged after sharp flattening in the 2s10s and 2s30s was immediately and fully retraced. DIRECTION ONLY
Week 25d Luke Gromen FISCAL DOMINANCE HIGHER Moderate
Positioning & Vol Equity indices have late-1990s-style narrow leadership, with a handful of stocks driving performance while data-center growth faces insufficient grid capacity. DIRECTION ONLY
Year 26d David Rosenberg RECESSION RISK HIGHER Strong
Positioning & Vol Bond-market positioning is extremely crowded against Treasuries, with near-record net speculative short positions in 10-year note futures and options markets. DIRECTION ONLY
Week 30d Mike Green PASSIVE FLOWS · STRUCTURE HIGHER Moderate
Positioning & Vol Implied correlation could fall into negative territory in 2026, extending the market’s record-low correlation regime and creating a mirror image of 2010. DIRECTION ONLY
Month 38d Brian Shannon TECHNICAL · AVWAP HIGHER Moderate
Positioning & Vol Semiconductors and market leaders are becoming stretched after a rapid advance, warranting smaller positions and caution despite their still-higher trend. DIRECTION ONLY
Week 39d David Woo RATES · FX · GEOPOLITICS HIGHER Strong
Positioning & Vol Market volatility is expected to surge during September as converging political, geopolitical, and monetary risks create a worsening market environment. DIRECTION ONLY
Month 50d
Peter Brandt CLASSICAL CHARTING BEARISH Moderate
Positioning & Vol Seven price-to-RSI non-confirmations indicate deteriorating technical participation, leaving the near-term market setup vulnerable to increased volatility and downside pressure. DIRECTION ONLY
Week 51d
Adam Mancini ES LEVELS BEARISH Moderate
Positioning & Vol Low volatility and bearish control imply $ES_F rallies may advance only one or two levels before failing, despite an eventual 100-plus-point rebound. LEVELS · RESISTANCE 7671 · SUPPORT 7629
Week 59d Ben Carlson ALLOCATION · BEHAVIOUR HIGHER Strong
Positioning & Vol Bonds are the most hated asset class as hedge fund managers and macro tourists crowd into short positions amid debt, deficits, and inflation concerns. DIRECTION ONLY
Month 67d
Michael Howell GLOBAL LIQUIDITY BEARISH Moderate
Positioning & Vol The liquidity cycle has moved from a broad beta-friendly phase into a more selective, turbulent regime with high volatility and poorer-quality asset-market returns. DIRECTION ONLY
Month 79d