MacroVoices #384 Darius Dale: Blow-Off Top Coming Before Bears Get Validated
Macro Voices
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The CFDC's Aggregated Positioning Metrics
The S&P 500 performance one year ahead of its peak prior to recession, it's typically up on a median basis plus 16%. And so why does this happen? That tends to happen as a function of the positioning cycle. Despite seeing the sharp rally that we've seen in stocks here to date and the tightening of credit spreads, et cetera, we have not seen too much participation on behalf of institutional investors. It's somewhat concerning for anyone who's bearish in the context of what we just talked about on slide 65.
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