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3 Charts: Key Risk Management Call-Outs - 04.22.2019 VIX cartoon

1. BEFORE THE SELLOFF... WALL STREET COMPLACENCY

According to the CFTC's futures and options Wall Street positioning data, the 3-year high in the net SHORT VIX position (of -180,359 contracts) came in by more than 30,000 contracts during last week’s S&P 500 correction. But Wall Street remains short at -150,307 contracts.

3 Charts: Key Risk Management Call-Outs - VIX

2. ARE YOU LONG TREASURIES?

LONG TREASURIES (one of our favorite asset allocations since October 2018) still nowhere near a net LONG consensus. Wall Street remains short across the Treasury curve.

3 Charts: Key Risk Management Call-Outs - cftc 1

3. INSIDE STYLE FACTORS

HIGH BETA and SMALL CAP (Shorts in Quad 3) have Bearish 1-week and 1-month momentum now. High Beta stocks fell -3.7% last week and are down -3.9% in the past month versus Low Beta stocks down -0.5% (last week) and -0.1% (in the last month). Meanwhile, Small Caps are down -2.7% in the past week and -4.6% in the past month. Large Cap stocks are down -1.8% (last week) and -0.6% (last month).

3 Charts: Key Risk Management Call-Outs - style factors

3 Charts: Key Risk Management Call-Outs - market edges