Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Back to stocks, as you can see in today’s Chart of The Day (CFTC futures & options positioning):
A) There are consensus net SHORT positions in SPY, Dow, QQQ, and the Russell 2000…
“Contrarian” positions in the US Equity market were the ones that worked again yesterday like:
A) Long of HIGH SHORT INTEREST stocks which were +2.3% on the day to +11.5% in the last month
Consider the alternative consensus positions:
A) Long of LOW BETA “High Quality” stocks which were +1.4% on the day and DOWN -0.9% in the last month or