“Buy-side” sold S&P 500 futures before jobs number – ValueWalk Premium

“Buy-side” sold S&P 500 futures before jobs number

Wall Street’s “buy-side” was not overly positive leading up to last week’s monthly employment number, which exceeded street expectations, a Bank of America Merrill Lynch report observes. These players were generally wrong for some surprising reasons and now the herd momentum is shifting, as derivatives positioning points to the potential for fund managers to further rotate into US equities as a result of the nonfarm payroll number. Managed Money and Leveraged Funds are also employing meaningful moves along the yield curve and in the oil . . .

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