The most contrarian macro LONG position you can have right now is... LONG NASDAQ!
We track Wall Street consensus positioning via the CFTC's Commitments of Traders (COT) report. Critically, we watch Wall Street's net positioning versus where it's been historically on a Z-score basis. The Z-score is the number of standard deviations a data point is from the mean.
Check out the chart above. As you can see the most bearish positioning in all of macro is long the Nasdaq. Tech stocks (XLK) just so happen to be our favorite S&P 500 sector! (Click here and here for more on why.)
