Here’s the latest Consensus Macro Positioning report from the CFTC (non-commercial futures & options):
A) SP500 (Index + E-mini) net LONG position ramped +122,159 contracts last week to +209,207 contracts
Oh yes – I’m going all CAPS on you and your favorite linear economists this morning. EVER remains a LONG time!
This consensus macro positioning comes on the heels of another one getting un-wound in the last month and that was the net SHORT position in US Treasuries that was born out of consensus inflation expectations: