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As yields break out, stocks are not over-owned. Perhaps not that surprising given the oil problem.
Surprisingly restrained
Despite stocks hovering near all-time highs, positioning data remains surprisingly restrained. Hedge funds are still underexposed, systematic positioning is far from stretched, and bearish sentiment remains elevated in what may be the most unloved rally in years.
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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.
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