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Morning Notes — Wall of Worry

Wall of Worry

March 18, 2022

Investor positioning has now moved back to March ’20 lows.  Broad market short interest is the highest it has been since March ’20, systematic fund exposure is in the bottom decile and hedge fund leverage is ~75% below the 12-month average.  Equity sentiment is extremely bearish with this week’s AAII bull-bear indicator at -27.3, which is 2 standard deviations below the mean and the second lowest reading on record. We’ll double down on aphorisms with this one…‘they don’t ring a bell.’   

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