The S&P500 has only dipped 2.5% but the percentage of bears is soaring, an imbalance that will need to be addressed when stocks find a base – in our opinion traders are finding it easy to adopt a bearish stance during September, especially with COVID / China concerns. We believe this bearishness will provide fuel to the market when sentiment turns, a transition which we wouldn’t be surprised to see sooner rather than later.
MM’s is bullish equities into weakness
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