This report was originally sent yesterday under the wrong headline.
Mid-July was a period of extreme risk in dealer positioning. The subsequent weeks until October 4 indicated a shift toward deleveraging that could become persistent, and persistently bearish, for both stocks and bonds. Any rallies would be swimming against the tide. Eventually, they will be exhausted. Here are the pictures of the data that prove this view, and tell us what to do with it. Non-subscribers, click here for access.
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