Takeaway: US market short-interest has been cut 13% since February and net long positioning is near a multi-year high pointing to investor exuberance.

Editor's Note: Below is a brief excerpt from an institutional research note written by Hedgeye Macro analyst Ben Ryan. For more information about our institutional research contact sales@hedgeye.com

Is Investor Complacency Rising? - trust my gut cartoon 10.14.2015  2

We speak of S&P 500 net non-commercial futures and options positioning regularly. Index + e-mini positioning has been cut the last couple of weeks, but it’s still pinned near a multi-year high.

Is Investor Complacency Rising? - sp pos

Along with futures and options positioning, total U.S. market short-interest has been cut 13% since February and the CBOE skew index indicates a market that is positioned much less cautiously than it was in the summer of 2014, at least in volatility terms.