Large speculative traders increased their short positioning in the S&P 500 “to a crowded reading” below two standard deviations of magnitude, a hedge fund monitor report from Bank of America Merrill Lynch notes, as a correlation diversion has occurred with commodities and a long U.S. dollar trade.

BAML notes long / short ratios tipping to short exposure
Considering their technical models, BAML research analyst Jue . . .

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