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Takeaway: The most consensus position in macro right now is actually long the S&P 500.

Fact Versus Fiction: Dispelling The Fallacy That Everyone Is Bearish - consensus cartoon 06.21.2016

Consensus is as long the S&P 500 as they have been all year.

Here’s what Consensus Macro positioning looks like from a CFTC futures and options perspective:

  • SP500 (Index + E-mini) net LONG position of +117,566 contracts = +2.63x 1YR z-score

For those of you who are new to following us, we measure current macro positioning across multiple durations relative to where the positioning has been in the past. Anything plus or minus 2x tends to be a great contrarian indicator.

Fact Versus Fiction: Dispelling The Fallacy That Everyone Is Bearish - macro show consensus pos

Watch Hedgeye CEO Keith McCullough explain consensus positioning in the video below: