Risk Events Are Everywhere You Look This Week


Looking at other positioning data, last week was another period of meaningful de-grossing, with discretionary investors cutting exposure back to early-April lows at the 17th percentile, according to the Deutsche Bank strategists. That’s well below levels implied by earnings and macro-economic growth. As for the rotation out of large-cap technology stocks, this is about three quarters of the way through, after positioning fell from elevated levels, they added.  



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