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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Senior Macro analyst Darius Dale. Click here to learn more. 

"... We strongly believe that investor sentiment is overwhelmingly skewed towards a dovish Fed and, as a result, positioning has become rather crowded on the bearish side of the USD and on the bullish side of reflation, in relative terms. Said differently, in one way or another, most investors have already positioned their portfolios for a dovish Fed.

 

So who is the marginal buyer of risk assets from here?" 

CHART OF THE DAY: A Review Of Crowded 'Dovish Fed' Positioning - 4 28 Chart of the Day