Editor's Note: Below is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about the Early Look.

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
B) In context, that +209,207 net LONG position scored +1.96x on a 1-year z-score… and
C) In the last year, that z-score includes the lowest US Equity Volatility period EVER 

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

CHART OF THE DAY: Consensus Macro Positioning Crushed - 04.03.18 EL Chart