Editor's Note: Below is a brief excerpt and chart from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.
Sadly, instead of buying that damn-early-December-dip, consensus sold the DEC lows. If you didn’t catch that, here’s how market positioning looks from a non-commercial CFTC futures & options perspective: Nasdaq (mini) net LONG position remained right where it’s been for the last 2 weeks at only +8,263 contracts.
In context, that means the Nasdaq net LONG position is -1.87x on a 1-year z-score basis. Put simply, relative to where they’ve been (and what the market has been doing), consensus hasn’t been anywhere near Bullish Enough.
