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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. 

... The other interesting development was that the #1 net LONG position in Global Macro is actually US Equity Beta (SP500)!

Yep. Looking at non-commercial CFTC futures and options positioning, everyone knows the biggest net SHORT position remains US Treasuries… but look at this move in SP500 (Index + E-mini) contracts:

  1. SPX net LONG position ramped +31,800 contracts last week to +244,732 contracts
  2. That equates to a +2.19x move using a 1yr z-score with the 3 year MAX position being +249,628 contracts!

So did you buy the dip? Consensus sure did. 

CHART OF THE DAY: Long & Wrong... Wall Street Buys The Dip - 10.15.18 EL Chart

CHART OF THE DAY: Long & Wrong... Wall Street Buys The Dip - early look