Long all the things!

Monday 8 September 2025

The Market Ear on bulls versus bears.

It’s like déjà vu all over again

“The current set-up is very similar to where things stood a month ago. Recent stock market dip and recovery back to ATHs? Check. US equity positioning above average, but declining slightly? Check. HF gross leverage near highs? Check. Momentum performance choppy, but still near highs? Check. Retail favorites / Crypto stocks underperforming over last few weeks? Check. US 10yr & 2yr trending lower, but yield curve steeper? Check. USD still near multi-year lows, but not declining sharply? Check.” (JPM)

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.