CHART OF THE DAY: The Pain Trade (S&P 500 Net Positioning vs. SPX Index)

CHART OF THE DAY: The Pain Trade (S&P 500 Net Positioning vs. SPX Index) - 04.21.15 chart

Editor's Note: This is a brief excerpt and chart from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. Click here to become a subscriber.

...Pain Trade is the one that the largest % of market participants are not positioned for. One very important way to listen to where the crowd is positioned is in futures and options contract terms.